Ispat Industries slumps on reporting loss in Q3 December 2007

Ispat Industries slumps on reporting loss in Q3 December 2007

Ispat Industries lost 3.33% to Rs 40.65 at 11:08 IST on BSE, after reporting net loss of Rs 36 crore in Q3 December 2007 as compared to net profit of Rs 17.52 crore in Q3 December 2006.

The results were announced after trading hours on Thursday, 31 January 2008.

Meanwhile, BSE Sensex was up 3.66 points or 0.02% to 17,652.37.

On BSE, 55.62 lakh shares were traded in the counter. The scrip had an average daily volume of 2.15 crore shares in the past one quarter.

The stock hit a high of Rs 43 and a low of Rs 40.15 so far during the day. The stock had a 52-week high of Rs 87.40 on 20 December 2007 and a 52-week low of Rs 12.60 on 8 March 2007.

The mid-cap scrip had underperformed the market over the past one month till 31 January 2008, declining 46.57% compared to the Sensex’s decline of 13.76%. It had outperformed the market in the past one quarter, gaining 56.32% compared to Sensex’s decline of 11.65%.

The company’s current equity is Rs 1222.44 crore. Face value per share is Rs 10.

Ispat Industries’ net sales rose 18.5% to Rs 2166.23 crore in Q3 December 2007 over Q3 December 2006.

In November 2007, the company entered into a joint venture with UK-based Stemcor to set up a coke oven plant at an investment of Rs 900 crore.

Promoted by the Mittals of the Ispat group, Ispat Industries is into manufacture of all types of galvanized plain/corrugated steel sheets/strips, coils and sponge iron.