Electrosteel Steels surged 5.26% to Rs 3.80 at 14:42 IST on BSE after the company said that the corporate debt restructuring related documents has been executed on Saturday, 21 December 2013.
The announcement was made during trading hours today, 23 December 2013.
Meanwhile, the S&P BSE Sensex was up 106.87 points or 0.51% at 21,186.59.
On BSE, so far 6.12 lakh shares were traded in the counter as against average daily volume of 89,854 shares in past one quarter.
The stock hit a high of Rs 3.82 and a low of Rs 3.60 so far in the day. The stock had hit a 52-week high of Rs 7.39 on 7 January 2013. The stock had hit a record low of Rs 2.56 on 29 July 2013.
The stock had underperformed the market over the past one month till 20 December 2013, declining 1.1% compared with the Sensex's 2.15% rise. The scrip had also underperformed the market in past one quarter, advancing 2.56% as against Sensex's 4.03% rise.
The small-cap company has equity capital of Rs 2186.74 crore. Face value per share is Rs 10.
It may be recalled that Electrosteel Steels had on 30 September 2013 said that the application of the company for restructuring of its debts to the tune of Rs 6181.20 crore has been approved by corporate debt restructuring (CDR) EG under the CDR mechanism from cut off date of 1 March 2013. The term loan outstanding of non-CDR lenders amounting to Rs 611.91 crore will be outside the purview of CDR, the company said at that time.
Electrosteel Steels reported a net loss of Rs 53.15 crore in Q2 September 2013, higher than net loss of Rs 47.96 crore in Q2 September 2012. Net sales galloped 57196.6% to Rs 166.16 crore in Q2 September 2013 over Q2 September 2012.
Electrosteel Steels is an associate company of Electrosteel Group. The company is setting up a 2.2 million ton per annum (MTPA) greenfield integrated steel & DI pipe plant to produce 1.2 MTPA long product of steel, 0.27 MTPA commercial billet, 0.4 MTPA pig iron and 0.33 MTPA ductile iron pipe. The proposed plant will be based on coke oven, sinter plant, pellet plant, blast furnace, basic oxygen furnace, billet caster, wire rod mill and bar mill.
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