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Monnet Ispat jumps on board to consider buy-back of equity shares

19 Dec 2011 Evaluate

Monnet Ispat is currently trading at Rs. 362.00, up by 19.60 points or 5.72% from its previous closing of Rs. 342.40 on the BSE.

The scrip opened at Rs. 357.90 and has touched a high and low of Rs. 374.00 and Rs. 357.90 respectively. So far 10,376 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 621.25 on 24-Jan-2011 and a 52 week low of Rs. 305.00 on 16-Dec-2011.

Last one week high and low of the scrip stood at Rs. 377.90 and Rs. 305.00 respectively. The current market cap of the company is Rs. 2,329.00 crore.

The promoters holding in the company stood at 49.42% while Institutions and Non-Institutions held 39.70% and 10.88% respectively.

Monnet Ispat has informed that a meeting of the board of directors of the company will be held on December 22, 2011, to consider the proposal of buyback of its own shares under section 77A of the companies act, 1956 and SEBI (buyback of securities) regulations, 1998.

Monnet Ispat is the flagship company of the well diversified Monnet Group. The group currently manages manufacturing units for sponge iron, steel melting and rolling mill, ferro-alloys plant, power generation units, mining and mineral beneficiation of coal, iron ore and other minerals.

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