Uttam Galva Steel share price hit 5 percent upper circuit on BSE on November 4 after the company declared its September quarter results.
The company posted a consolidated profit after tax (PAT) of Rs 19.31 crore during the quarter ended September 30, mainly on account of reduced expenses.
The company had registered a loss of Rs 335.45 crore during the corresponding quarter a year ago, Uttam Galva Steels Ltd said in a BSE filing.
Its total income during July-September 2020 rose to Rs 194.94 crore, compared with Rs 141.69 crore a year ago. Total expenses during the quarter reduced to Rs 175.63 crore, compared with Rs 321.47 crore in the year-ago period.
"The NCLT, Mumbai Bench, has admitted the petition of State Bank of India for initiating the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, vide its order dated October 1, 2020 and appointed Milind Kasodekar as the interim resolution professional," the company said in an exchange filing.
The stock was trading at Rs 6.51, up Rs 0.31, or 5.00 percent at 11:21 hours. It has touched an intraday high of Rs 6.51 and an intraday low of Rs 6.40. There were pending buy orders of 39,389 shares, with no sellers available.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum - price above short, medium and long term moving averages. The company has zero promoter pledge with growth in quarterly net profit with increasing profit margin (YoY).
Moneycontrol technical rating is bullish with moving averages and technical indicators being bullish.
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