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Sathavahana Ispat soars on entering into agreement with Jindal Saw

Sathavahana Ispat is currently trading at Rs. 5.00, up by 0.10 points or 2.04% from its previous closing of Rs. 4.90 on the BSE.

The scrip opened at Rs. 4.66 and has touched a high and low of Rs. 5.00 and Rs. 4.66 respectively. So far 6642 shares were traded on the counter.

The BSE group ‘T’ stock of face value Rs. 10 has touched a 52 week high of Rs. 15.63 on 08-Aug-2018 and a 52 week low of Rs. 4.66 on 02-Aug-2019.

Last one week high and low of the scrip stood at Rs. 5.42 and Rs. 4.66 respectively. The current market cap of the company is Rs. 25.45 crore.

The promoters holding in the company stood at 36.63%, while Institutions and Non-Institutions held 18.92% and 44.45% respectively.

Sathavahana Ispat has entered into in an Operation, Maintenance and Management agreement with Jindal Saw. Under the agreement, Jindal Saw has agreed to operate, maintain and manage the manufacturing facilities of Sathavahana Ispat for a period of 3 years which may be extended for a maximum period of 10 years subject to certain conditions as provided in the agreement.

Jindal Saw shall manufacture and sell the products, namely, ductile iron pipes, pig iron and coke and all other related items under its brand name during the term of the agreement in consideration of the rentals as defined in the said agreement.

The company is engaged in the manufacturing of pig iron.

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