Ispat Industries

Ispat Industries

Promoters of Ispat Ind. pledge 29.98% stake

Ispat Industries, an integrated steel manufacturer has revealed in a statement on the stockexchange as per Securities Exchange Board of India regulations that the promoters of the company have pledged 29.98% stake in the company for an undisclosed amount amounting 336.5 million shares.

Ispat Steel Holdings has pledged over 154,3 million shares representing 12.63% of the total equity, Goldline Tracom has pledged over 50 million shares representing 4.56% stake and Kartik Credit has pledged over 280 million shares representing 2.33% stake of the company. Apart from this 12 promoters have pledged over 10.46% stake of the company.

Shares of the company declined Rs 0.06, or 0.53%, to settle at Rs 11.23. The total volume of shares traded was 4,420,400.00 at the BSE (Wednesday).

Ispat Industries, HCC

Ispat Industries, HCC

Ispat Industries

Ispat Industries

Anand Rathi’s Technical Speak- Ispat Industries

Ispat Industries has breached its intermediate resistance at Rs 18 and continues to sustain above that level. The substantial increase in volume along with the price indicates that the bulls are clearly committed to the stock.

The stock has clearly entered into a fresh bullish trajectory after a prolonged accumulation. Buy this stock aggressively between Rs 18 –Rs 19.50. We expect the stock to reach a target of Rs 26-30 in the medium term. Keep a stop- loss of Rs 16.20, says Anand Rathi Securities in a report dated Sep 12.

At 12:14 pm on BSE, the Ispat Industries share was at Rs 19.20, up 3.5 per cent over Tuesday’s close. Total traded quantity was 94,36,728, against the two-week average of 1,27,70,261 shares. A week ago, the stock was at Rs 18.75 and month earlier Rs 13.89.