Jan 31, 2013, 04.27 PM IST
Uttam Galva Steels today said it has not received any proposal from ArcelorMittal for acquiring additional stake in the company.
"...there is no such proposal by ArcelorMittal Group to acquire any further stake/shares in Uttam Galva Steels," the Mumbai-based firm said in a BSE filing.
ArcelorMittal, now a co-promoter of the Mumbai-based galvanised steel maker Uttam Galva, has 33.80 percent stake in the company as on December-end. The Miglani family, the original promoter, has 37 percent holding.
Unconfirmed reports had said that the world's largest steel maker ArcelorMittal was planning to buy out the Miglani family's entire stake in the firm.
Following the reports, shares of Uttam Galva Steel had initially risen by 16 percent on the BSE. However, it is trading at Rs 114.90 in the afternoon session, 5.63 percent lower over the previous close.
Uttam Galva Steels, according to its website, has three galvanising lines with a total capacity of 3.5 lakh tonnes per year. It has its own cold rolling facility with a capacity of five lakh tonnes per annum.
More than 70 percent of the company's products are exported to over 100 countries.
Uttam Galva stock price
On December 11, 2013, at 15:50 hrs Uttam Galva Steel was quoting at Rs 66.70, down Rs 0.6, or 0.89 percent. The 52-week high of the share was Rs 125.50 and the 52-week low was Rs 39.30.
The company's trailing 12-month (TTM) EPS was at Rs 3.67 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 18.17. The latest book value of the company is Rs 87.63 per share. At current value, the price-to-book value of the company is 0.76.
Action in Uttam Galva Steel
Video of the day
Dec 11 2013, 09:54
- in Business
Dec 4 2013, 11:08
- in FII View
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.