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Kirloskar Ferrous Inds surges on recommencing operation of furnace

21 Nov 2011

Kirloskar Ferrous Industries is currently trading at Rs 20.45, up by 0.25 points or 1.24% from its previous closing of Rs 20.20 on the BSE.

The scrip opened at Rs 20.50 and has touched a high and low of Rs 20.65 and Rs 19.65 respectively. So far 4980 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 5 has touched a 52 week high of Rs 31.45 on 25-Jul-2011 and a 52 week low of Rs 19.20 on 21-Oct-2011.

Last one week high and low of the scrip stood at Rs 23.00 and Rs 19.90 respectively. The current market cap of the company is Rs 277.36 crore.

The promoters holding in the company stood at 58.95% while Institutions and Non-Institutions held 7.55% and 33.50% respectively.

Kirloskar Ferrous Industries (KFIL) has started operations of one of the furnace with effect from November 19, 2011. With this, both the furnaces of the company are operating now. The furnace was shut down on account of non availability of iron ore.

Earlier, the company had received an approval to install new high pressure moulding line at existing plant premises of the company at Koppal, Karnataka. The company had received an approval at its board meeting held on July 22, 2011.

KFIL, a Kirloskar group company, manufactures pig iron and ferrous castings (foundry). It has a 360,000 tpa pig iron manufacturing plant and a 12 MW power plant in Hospet, Karnataka. Of the total pig iron manufactured, 10-12% is used in-house to manufacture castings, which are used by automobiles, tractors, diesel engines and locomotive industries. The company has two castings facilities - one each in Hospet and Solapur (Maharashtra) - with a combined annual capacity of 102,000 tonnes.

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