Mukand stock has been buzzing around. The company produces both alloy steel as well as stainless steel. In an interview to CNBC-TV18, Rajesh V Shah, Co-Chairman & MD of Mukand spoke about the latest happenings in the company and his outlook going ahead.
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On September 20, 2016 Isarnan Steel And Minerals Private Limited bought 7,38,810 shares of Mukand at Rs 64.70 and Shah Czaee Suketu bought 9,18,140 shares at Rs 64.70.
Mukand has invited bids for its 55 acres of land in Thane in an attempt to bring down debt.
The steel manufacturer reported a net profit of Rs 10.3 crore as against a loss of Rs 5.7 crore year-on-year (Y-o-Y) while its total income fell 0.6 percent to Rs 677.6 crore. Operating margins improved to 14 percent in the first quarter.
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In an interview with CNBC-TV18, Rajesh V Shah, Co-Chairman and MD of Mukand said the company is receiving good demand from the automotive sector which is reflected in this quarter.
About 1.9 percent Mukand shares traded in a block deal on the Bombay Stock Exchange on Thursday. Speaking to CNBC-TV18, Rajesh V Shah, Co-Chairman & Managing Director, Mukand says the deal was entirely just internal promoter transfer of shares.
On December 31, 2015 Jadavdevi Suketu Trust bought 26,71,636 shares of Mukand at Rs 47.
Here are a few top buzzing midcap stocks picked by CNBC-TV18's analysts in trade today. We have Cadila Healthcare, JMT Auto, Videocon & Mukand.
Investors lapped up shares of Mukand on Thursday after the Corporate Debt Restructuring Empowered Group (CDR EG) approved exit of company from CDR mechanism. The stock gained 11.4 percent intraday.
In an interview to CNBC-TV18, Rajesh Shah, co-chairman & managing director, Mukund says the panel has approved the company‘s exit from corporate debt restructuring plan.
Shares of Mukand gained more than 12 percent intraday on Monday on selling special & alloy steel business to its subsidiary.
The new subsidiary of alloy steel business would focus on enlarging the business and making it global, said Rajesh Shah, Co-Chairman & MD, Mukand Ltd.
Here are few top buzzing midcap stocks picked by CNBC-TV18's analysts in trade today. We have Mukand, Gujarat Pipavav, Intellect Design, Alok Industries, Madhucon Projects, India Nippon Electricals, ABG Infralogistics, Maxwell Industries and Gujarat Gas.
"The board of directors on Monday approved a proposal to transfer its special and alloy steel business as a going concern by way of a slump sale to a subsidiary company for an enterprise value of Rs 1,590 crore," said the alloy and stainless steel long products manufacturer in its filing to the exchange.
Rajesh Shah, co chairman and managing director, Mukand Limited says the company may bring in a strategic partner in the future for expansion. He further adds that no new money has come in.
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The company‘s total income rose 22 percent at Rs 763.8 crore versus Rs 623.9 crore, Y-o-Y.