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India Steel Works touches roof as its board approves MoU with Stecol International

07 Jan 2021 Evaluate

India Steel Works is currently trading at its upper circuit limit of Rs. 0.97, up by 0.04 points or 4.30% from its previous closing of Rs. 0.93 on the BSE.

The scrip opened at Rs. 0.97 and has touched a high and low of Rs. 0.97 and Rs. 0.97 respectively.

The BSE group 'XT' stock of face value Rs. 1 has touched a 52 week high of Rs. 0.93 on 06-Jan-2021 and a 52 week low of Rs. 0.19 on 15-Apr-2020.

Last one week high and low of the scrip stood at Rs. 0.97 and Rs. 0.80 respectively. The current market cap of the company is Rs. 37.02 crore.

The promoters holding in the company stood at 50.11%, while Institutions and Non-Institutions held 1.33% and 48.56% respectively.

India Steel Works’ board has approved the memorandum of understanding (MoU) with Stecol International. As per the terms and conditions of the MoU, the company is required to provide an unconditional and Irrevocable Corporate Guarantee to Stecol for a sum of Rs 5 crore. The Board approved of the aforesaid Corporate Guarantee to be entered in to, with Stecol International. This MoU and the Business relations with Stecol, will enable to enhance the existing scale of operations of the company and benefit the company and its stakeholders. The Board of directors of the company at its Meeting held on January 6, 2021 has approved and taken on record for the same.

India Steel Works is a public limited company, which is domiciled and incorporated in India with its registered office in Raigad Maharashtra. The company is engaged in manufacturing and trading of steel products, like Hot rolled, Bars & Rods, Bright Bars extra.  

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