Mukand on a fast gallop

Mukand is literally on a fast gallop today. Volumes are up almost 20 times and it breached the upper circuit at Rs.55.20 and it is currently up 16.5% at Rs.53.55.

The company which manufactures alloy and stainless steel long products announced that at its Board meet held yesterday that it has approved a proposal to transfer its Special & Alloy Steel Business, as a going concern by way of slump sale to a subsidiary company (to be formed) for an enterprise value of approximately Rs.1590 crore. This facility has an installed capacity of 3.7 lakh metric tonne per annum. The net consideration is to be paid in cash as per the terms of the business agreement to be executed in this regard. The company has also stated that the above restructuring proposal is intended to facilitate the possible introduction of a strategic partner and this unlocking of value is what has excited the market the most.