Smallcap stocks which turned multibaggers in 2018 were Electrosteel Steels, Excel Industries, Merck, IOL Chemicals & Pharmaceuticals and Nelco
The total income of the company increased to Rs 1,046.15 crore in April-June quarter over Rs 814.94 crore in the year-ago period, it said.
National Stock Exchange of India (NSE) has imposed a penalty of Rs 1,00,80,000 on Electrosteel Steels, vide its notice for non-compliance dated June 15, 2018.
Vedanta Ltd had last week deposited an upfront amount of Rs 5,320 crore also in the escrow account of Electrosteel Steels Ltd.
The shares allotted to Indian Overseas Bank, SREI Infrastructure & Finance Ltd and Oriental Bank of Commerce ranged from 4.43 percent to 4.63 percent of the total shares allotted. The rest of the lenders got less than 4 percent each.
The company has allotted nearly 740 crore equity shares to 26 lenders, out of which the country's largest lender State Bank of India got 271,61,79,203 equity shares.
The company has acquired control over ESL and a new board of directors has been put in place.
The statement follows NCLT last month approving the resolution plan submitted by Vedanta Ltd for Electrosteel Steels.
Anil Agarwal group-owned Vedanta said it has won the bid to acquire bankrupt Electrosteel Steels in an insolvency auction.
Renaissance Steel has questioned the eligibility of Tata Steel and Anil Agarwal-run Vedanta to bid under the bankruptcy process alleging the move to be a breach of the law.
The Tata Steel board has approved the next phase of capacity expansion in Kalinganagar to 8 million tonnes per annum from 3 million tonnes at present.
The resolution process of Bhushan Power & Steel Limited, Electrosteel Steels, Essar Steel and Monnet Steel is likely to complete only in the first quarter FY19, according to a report.
JSW Steel Chairman Sajjan Jindal today said trading in shares of the listed companies referred to the National Company Law Tribunal (NCLT) should be suspended to avoid market speculations.
Electrosteel Steels has a debt of about Rs 11,000 crore that owed to a consortium of banks led by SBI.
Sources tell CNBC-TV18, six players have submitted an Expression of Interest for debt-laden Electrosteel Steels in response to the memorandum that was floated by the insolvency professional and this includes names like Tata Steel.
The company has also reportedly given a senior debt of Rs 1,400 crore.
CNBC-TV18 learns from sources that Edelweiss Group has made an offer to bail out Electrosteel Steels.
Electrosteel Steels' Q3 net loss increased to Rs 413 crore from loss of Rs 232 crore.
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Starbridge Finance Limited sold 12,050,000 shares of Electrosteel Steels at Rs 4 per share on the NSE.
On December 22, 2016 Starbridge Finance Limited sold 1,20,50,000 shares of Electrosteel Steels.
Mahindra & Mahindra | DLF | SAIL | NHPC | Puravankara | MMTC | Claris Life | Jindal Steel | Electrosteel Steels | Time Technoplast | Ujjivan Financial | Banco Products | Monnet Ispat | Mindtree and Usher Agro are stocks, which are in the news today.
On October 17, 2016 Roundabout Finance Ltd sold 1,20,50,000 shares of Electrosteel Steels.