Electrosteel Steels surged 7.43% to Rs 4.05 at 15:18 IST on BSE after the company said it has received indicative term sheets for investment in the company from Tata Group as well as from a financial investor based in Singapore.
Meanwhile, the S&P BSE Sensex was down 453.54 points or 1.69% at 26,386.96.
The stock spurted on heavy volumes. On BSE, so far 46.94 lakh shares were traded in the counter as against average daily volume of 3 lakh shares in past one quarter.
The stock hit a high of Rs 4.52 and a low of Rs 3.81 so far in the day. The stock had hit a 52-week high of Rs 7.85 on 3 July 2014. The stock had hit a 52-week low of Rs 3.28 on 18 March 2015.
The stock had underperformed the market over the past one month till 10 June 2015, sliding 15.85% compared with Sensex's 0.98% fall. The scrip had, however, outperformed the market in past one quarter, declining 5.75% as against Sensex's 6.51% fall.
The small-cap company has equity capital of Rs 2409.24 crore. Face value per share is Rs 10.
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Electrosteel Steels said that the bankers of the company as well as the company are exploring the proposals of investment.
Electrosteel Steels reported net loss of Rs 231.31 crore in Q4 March 2015, higher than net loss of Rs 113.82 crore in Q4 March 2014. Net sales rose 494.9% to Rs 526.22 crore in Q4 March 2015 over Q4 March 2014.
Electrosteel Steels is an associate company of Electrosteel Group.
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