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Indian Metals & Ferro Alloys shares hit upper circuit as Board to consider bonus issue

In an exchange filing on the BSE, the company said that a meeting of the Board of Directors will be held on November 26, 2021 to consider the proposal for issue of bonus shares.

November 23, 2021 / 12:09 PM IST
 
 
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Indian Metals & Ferro Alloys share price jumped 5 percent, hitting the upper circuit on November 23, after its board said it will consider a bonus share issue.

In an exchange filing to BSE, the company said that a meeting of the Board of Directors will be held on November 26, 2021 to consider the proposal for issue of bonus shares.

The stock was trading at the upper circuit limit of Rs 718.40, up Rs 34.20, or 5.00 percent at 11:27 hours.

There were pending buy orders of 10,886 shares, with no sellers available.

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Indian Metals & Ferro Alloys' net profit surged 3-fold to Rs 143.58 crore in the quarter ended September 2021 as against Rs 43.62 crore during the corresponding quarter in 2020.

Its sales jumped 49 percent to Rs 653.16 crore in the quarter ended September 2021 as against Rs 437.58 crore a year ago.

IMFA is a fully-integrated producer of value added ferro chrome with a capacity of 2.84 lakh tonnes per annum.

The company has manufacturing complexes in Therubali and Choudwar backed up by captive power generation of 204.55 MW (including 4.55 MW solar), and owns chrome ore mines in Sukinda and Mahagiri.
Moneycontrol News
first published: Nov 23, 2021 12:09 pm

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