Indian Metals at 5% UC

Indian Metals & Ferro Alloys hit the roof today. The stock which had closed yesterday at Rs.684.20, opened today at Rs.687.95 and went on to hit the 5% UC of the day at Rs.718.40. Its 52-week is at Rs.997.

The stock hit the UC after the company said that its Board will be meeting on 25 November 2021, to consider the proposal for issue of bonus shares.

The record date for the bonus issue will be communicated in due course.

The company produces ferro alloys, including charge chrome (high carbon ferro chrome) and it ended Q2FY22 with a consolidated net profit at Rs.144 crore, up 229% on a 49% rise in net revenue at Rs.653 crore.