Mukand slipped 0.59% to Rs 83.60, declining for the second day.
The stock has fallen by 6.59% in two sessions, from its recent closing high of Rs 89.50 recorded on 1 April 2021.
In the past one month, the stock has zoomed 39.98% while the benchmark Sensex has lost 2.48% during the same period.
With reference to recent price movement, Mukand on Monday (5 April) clarified that in the recent past, there have been several internal or external positive developments concerning the company. The company has reduced its debt and other interest-bearing liabilities by more than Rs 975 crore via a promoter backed line of credit; it has completed the first tranche of the sale of 30% stake in Mukand Sumi Special Steel, joint venture company, for Rs 713.61 crore; and it has also transferred approximately 55 acres of the company s surplus leasehold land at Thane for a consideration of Rs 801.51 crore. These updates may have drawn the interest of investors in the company and caused the significant
JSW Steel (JSW) has entered into an assignment agreement dated 31 March 2021 (Assignment Agreement), whereby Laptev Finance (Laptev), a JSW Group company has assigned to JSW all rights and obligations of Laptev under the Business Transfer Agreement dated 31 March 2019 as amended from time to time including the amendment dated 31 March 2021 (Business Transfer Agreement) executed by Laptev with Welspun Corp (Welspun), for a consideration of Rs 1 crore and applicable taxes.
As per the Business Transfer Agreement, Laptev had agreed to acquire from Welspun, as a going concern on slump sale basis, the business of manufacturing of high-grade steel plates and coils (PCMD Business), for a consideration of Rs 848.50 crore, which is subject to closing adjustments towards net working capital.
Apollo Tricoat Tubes surged 8.20% to Rs 1000 after its board approved a draft scheme of amalgamation of the company and Shri Lakshmi Metal Udyog with APL Apollo Tubes.
The scrip gained 10.36% to hit an intraday high of Rs 1,020 in trade today, which is also a record high for the counter.
Meanwhile, shares of APL Apollo Tubes shed 0.12% to currently trade at Rs 1069 on the BSE.
APL Apollo and Apollo Tricoat are engaged in the business of production of ERW steel tubes. Shri Lakshmi is engaged in the business of production of ERW steel tubes and GP Coils.
The amalgamation would combine the businesses under APL Apollo brand with wide product offerings and geographical footprint leading to a stronger market presence.