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Shares of Kirloskar Ferrous Industries and Uttam Galva Steel rose 3.5 percent and 12 percent respectively intraday Tuesday on strong Q4 (January-March) numbers.
For the full year,net profit rose 56.89% to Rs 90.57 crore in the year ended March 2017 as against Rs 57.73 crore during the previous year ended March 2016. Sales rose 1.91% to Rs 1127.10 crore in the year ended March 2017 as against Rs 1105.93 crore during the previous year ended March 2016.
Kirloskar Ferrous Industries said the upgradation of a mini blast furnace at the company’s plant in Koppal, Karnataka, has been completed and commercial production resumed from Tuesday. The unit was shut on September 19 to upgrade the blast furnace, Kirloskar Ferrous said in an exchange filing. Shares of Kirloskar Ferrous were up about a per cent at ₹76.70 on the BSE.
The Indian markets on Tuesday closed in the red, with Sensex closing 52.51 points down from its previous close.
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Meghmani Organics on Thursday informed the exchanges of a fire mishap at its Dahej SEZ plant, Dahej, Gujarat. The fire broke out at 22.25 IST on Wednesday in one of the manufacturing sections of its pigment manufacturing division. The plant has four manufacturing sections supported by other sub-sections. Only one manufacturing section of Beta Blue got affected due to the fire. All staff members are safe and no one was injured during the incident.
Kirloskar Ferrous Industries today said it will acquire VSL Steels's pig iron plant for Rs 155 crore in cash. "Board at its meeting on July 28, has granted in-principle approval for acquisition of movable and immovable assets relating to pig iron plant of VSL Steels Ltd for a cash consideration of Rs 155 crore," Kirloskar Ferrous Industries said in a regulatory filing. The amount will be payable in installments and will be subject to certain commercial conditions, necessary governmental or regulatory approvals and the approval of the Board and shareholders of VSL Steels Ltd, it added.
Kirloskar Ferrous Industries today said it will acquire VSL Steels’ pig iron plant for Rs 155 crore.
"Board at its meeting on July 28, has granted in-principle approval for acquisition of movable and immovable assets relating to pig iron plant of VSL Steels Ltd for a cash consideration of Rs 155 crore," Kirloskar Ferrous Industries said in a regulatory filing.