Visa Steel hits a new low

Visa Steel, last year on 19^th March had hit a new 52-week high at Rs.60 and today, a year later, exactly on the same date, it has hit a new 52-week low at Rs.41.35.

The market is not too happy with the company after it announced it’s Rs.368 crore deal with Sun Coke Energy of USA for a 49% stake in Visa Coke Ltd. On November 20, 2012, Visa Steel has transferred its business of manufacturing and sale of metallurgical coke and the associated steam generation units located at Kalinganagar Industrial Complex, Odisha by way of Slump Sale on a going concern basis to VCL.

Simultaneously, the company announced the launch of another JV with SunCoke Energy, called Visa SunCoke wherein Visa will hold 51% stake.