MSP Steel & Power is currently trading at Rs. 15.90, up by 0.20 points or 1.27 % from its previous closing of Rs. 15.70 on the BSE.
The scrip opened at Rs. 15.90 and has touched a high and low of Rs. 15.90 and Rs. 15.90 respectively. So far 10 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 35.90 on 11-Jun-2014 and a 52 week low of Rs. 12.75 on 31-Jan-2014.
Last one week high and low of the scrip stood at Rs. 16.50 and Rs. 14.95 respectively. The current market cap of the company is Rs. 140.08 crore.
The promoters holding in the company stood at 71.90 % while Institutions and Non-Institutions held 0.29 % and 27.81 % respectively.
MSP Steel & Power has received an approval to opt for debt restructuring and the same has also been decided by the lenders of the company in its Joint Lenders Forum (JLF) meeting as Corrective Action Plan (CAP). The board of directors at their meeting held on December 10, 2014 has approved for the same. Further, the board has decided that the company will approach all its lenders for the same.
This step has been taken pursuant to adverse market conditions - poor demand coupled with scarcity of raw materials, which has impacted the company’s business.
MSP Steel & Power, the flagship company of the MSP group, is over a decade old business house belonging to Agrawal family of Kolkata. It is currently engaged in manufacturing of sponge iron, billets, TMT bars and structural’s besides having backward integration for washing of coal, pellets cum iron ore beneficiation and power. Besides, the company is also involved in trading of steel products.
