Stock markets rose for the second consecutive day on Thursday, with the benchmark BSE Sensex closing higher by 150 points after the GST rate cuts announced on commonly used personal items and daily essential products.
The authorised share capital of the iron and steel products company Rathi Steel and Power Ltd has been set for an adjustment as the company has informed exchanges that it plans to create an additional 8,51,853 equity shares of Rs 10 each, aggregating to Rs 85.18 lakh. At the same time, the company will cancel and reclassify 4.08 lakh unissued preference shares having a face value of Rs 10 each. It will be converted into an equivalent number of shares of the company’s equity. These changes will result in a new authorised share capital of Rs 132.50 crore divided into 12.25 crore equity shares and one crore preference shares.
To Invest Rs 50 Crore In UP
Earlier, the company said that it would invest Rs 50 crore in Uttar Pradesh.
The company will set up a forward integration facility to convert wire rods into bright bars and wires, which find application in the construction and automotive sectors, RSPL said in an exchange filing.
The addition of value-added products will broaden the company’s product portfolio and help boost profitability, it added.
The company’s steel plant in Uttar Pradesh has an installed capacity of 2,00,000 tonne per annum (TPA), comprising a TMT bar mill and a wire-rod mill.
Share Price Today
Meanwhile, the shares of the company started the session in the green at Rs 26 against the previous close of Rs 25.88. However, it later fell amid profit booking to touch the low of Rs 24.70.
The 52-week high of the stock is Rs 72.79 and the 52-week low is Rs 24.26.
Share Market Closing
Stock markets rose for the second consecutive day on Thursday, with the benchmark BSE Sensex closing higher by 150 points after the GST rate cuts announced on commonly used personal items and daily essential products.
Paring most of its gains due to selling in index heavyweight Reliance Industries and Infosys, the 30-share Sensex settled 150.30 points or 0.19 per cent higher at 80,718.01. The barometer jumped 888.96 points or 1.10 per cent to 81,456.67 in the opening trade, but later slipped from the intra-day high due to profit taking in blue-chips.
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