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Journalism of Courage
Ispat Industries today soared 17 per cent on the BSE,a day after the steel-maker entered into a stake sale deal with UK-based trading company Stemcor.
Ispat Industries closed the session at Rs 23.75,up 17 per cent on the Bombay Stock Exchange. During the day,it touched a month-high of Rs 24.35.
On the National Stock Exchange,the scrip saw a similar trend and settled at Rs 23.75,up 16.71 per cent.
In all,over 10 crore shares of the company changed hands on the two bourses.
Meanwhile,the benchmark 30-share Sensex closed at 19,594.75,up 0.91 per cent,from the previous close.
Yesterday,the company had entered into a pact with Stemcor to sell 10 per cent stake through preferential allotment,a move which may help cut its debt.
The amount raised through such share allotment was not immediately known.
The company has an annual production capacity of 3.3 million tonnes in Maharashtra,while Stemcor trades about 15 million tonnes of steel and steel making raw materials per annum. It also owns investments in manufacturing projects in steel related raw materials.
