Monnet Ispat & Energy is currently trading at Rs. 33.35, up by 2.20 points or 7.06% from its previous closing of Rs. 31.15 on the BSE.
The scrip opened at Rs. 30.45 and has touched a high and low of Rs. 36.05 and Rs. 30.40 respectively. So far 203631 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 132.60 on 21-Aug-2014 and a 52 week low of Rs. 27.30 on 03-Jun-2015.
Last one week high and low of the scrip stood at Rs. 36.05 and Rs. 29.75 respectively. The current market cap of the company is Rs. 223.81 crore.
The promoters holding in the company stood at 48.59% while Institutions and Non-Institutions held 21.55% and 29.86% respectively.
Monnet Ispat & Energy is in talks with Bhushan Steel to sell its entire 35% stake in Orissa Sponge Iron & Steel (OSISL), which owns iron ore reserves in the Odisha. This stake sale would help the company to reduce its debt.
The company has also finalized sale of its power business to JSW Steel, a deal which is expected to close in December and will take off that business’ Rs 4,000-crore liability off Monnet’s books.
Monnet Ispat & Energy is engaged in the business of sponge iron, steel ingot & billets and coal mining.
