Visa Steel in 20% UC
By
Research Desk
about 9 years ago
Visa Steel is locked in the 20% upper circuit filter at Rs.18.44 with mind boggling volumes – almost 2 lakh shares changed hands today compared to two-week average of less than 4000 shares.
The reason for this sudden new found love for the stock is on bulk buying news - Cresta Fund bought 33 lakh shares of the company. This was purchased on the NSE yesterday, at an average price of Rs.15.10/share. Cresta Fund already has a 3.79% stake as at 30th Sept 2015.
In Sept’15, JLF decided to invoke SDR in VISA Steel for preparing a conversion package to enable inviting a strategic investor in its Special Steel Business. The company at end of FY15 had a consolidated debt of Rs.3100 crore.