3.2 crore shares were traded in Ispat Industries counter on BSE today. The scrip topped volumes on BSE. The share price rose 2.96% to Rs 22.60.
As per recent reports, Ispat Industries is planning to invest about Rs 10,000 crore within five years to ramp up domestic production. It is also planning to expand in overseas through capacity expansion and backward integration.
Sunflag Iron & Steel Company clocked the second highest volume of 1.05 crore shares on BSE. The share price rose 6.5% to Rs 23.75.
Net profit of Sunflag Iron & Steel Company rose 4.35% to Rs 6.71 crore on 15.07% rise in sales to Rs 221.20 crore in Q1 June 2007 over Q1 June 2006.
IFCI clocked the third highest volume of 94.79 lakh shares on BSE. The share price rose 0.7% to Rs 79.60.
Ten bidders have lined up for acquiring 26% strategic stake in IFCI. These include IDFC, Kotak Mahindra Bank, GE Capital, Cargill (FS), Newbridge Asia, Blackstone, French bank Natixis, and a consortium led by Japan's Shinsei Bank with Punjab National Bank and JC Flowers. Besides, a Sterlite and Morgan Stanley consortium, and a group led by Wilbur Ross with Standard Chartered Bank and HDFC and Goldman Sachs are also in the race. The company made this announcement before the market hours, today 17 September 2007.
IFCI will now follow a two-stage process for the selection of a strategic investor by end of January 2008. The names of the shortlisted candidates from among those responding to the expression of interest (EoI) will be announced by 25 September, 2007. In August 2007, IFCI had invited expressions of interest for the 26% stake.
IFCI is seeking a strong partner, be it an Indian entity or from overseas, which can add value to the company. The 26% stake sale is part of IFCI's aim of being a world-class term-lending institution and not converting itself into a bank.
Meanwhile, the Reserve Bank of India said on Friday, 14 September 2007, foreign funds can resume buying shares of state IFCI through the secondary market in India. The share holdings of such investors have gone below the caution limit of the paid up capital of IFCI, the central bank said in a statement.
Mangalore Refinery and Petrochemicals (MRPL) clocked the fourth highest volume of 94.51 lakh shares on BSE. The share price rose 0.93% to Rs 48.70.
Recently, it signed a four-year product supply agreement with Shell India. The agreement, extendable by another two years, covers not only fuel supply but also infrastructure sharing and hospitality and collaboration on health, security, safety and environmental management procedures & practices. The pact will become operational from October 2007.
Indowind Energy clocked the fifth highest volume of 89.65 lakh shares on BSE. The share price surged 3.73% to Rs 136.20.
Foreign fund Citigroup Global Markets Mauritius purchased 5 lakh shares in the company via a bulk deal on the BSE on Friday, 14 September 2007.
Indowind Energy had debuted on BSE on Friday, 14 September 2007 at Rs 80.25, a premium 23.46% over the IPO price of Rs 65. On that day, the scrip had settled at Rs 114.05 on the BSE, a premium of 75.46% over the IPO price.
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