Mahindra Ugine Steel trades jubilantly on inking pact with Mahindra Sanyo Special Steel

Mahindra Ugine Steel Company is currently trading at Rs. 54.40, up by 5.60 points or 11.48 % from its previous closing of Rs. 48.80 on the BSE.

The scrip opened at Rs. 54.00 and has touched a high and low of Rs. 58.50 and Rs. 52.40 respectively. So far 91262 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 66.75 on 17-Feb-2012 and a 52 week low of Rs. 42.25 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 58.50 and Rs. 47.25 respectively. The current market cap of the company is Rs. 176.70 crore.

The promoters holding in the company stood at 55.47% while Institutions and Non-Institutions held 4.83% and 39.70% respectively. 

Mahindra Ugine Steel Company (MUSCO) has inked pact with Mahindra Sanyo Special Steel by forming a joint venture with the company. With this, the company aims to be one of the most profitable, high quality speciality steel producers in the coming years. Recently, MUSCO has completed the financial closure of the 51:49 joint venture with Sanyo Special Steel Co and Mitsui & Co.

The joint venture expects to enhance its current production from the existing level of 120,000 tonnes a year, with financial, technical and operational inputs from Sanyo Special Steel and Mitsui.

Mahindra Ugine Steel Company is engaged in the manufacturing of alloy & special steel through Electric Arc Furnace (EAF) route & caters to the automotive, engineering, bearing & other industries. The company manufactures a wide array of products including skin components, underbody components, critical assemblies, chassis components and car body sheet metal (Body in White) parts with a total capacity of 30,000 metric tons.