Balasore Alloys to acquire majority stake in Zimbabwe firm; stock spurts

Balasore Alloys zoomed on the bourses by over 11 per cent in the early morning trade on Wednesday after the company announced that it will acquire 70 per cent shares of Zimbabwe Alloys.

The company will be acquiring, either by itself and/or through its nominees and affiliates, 70 per cent shares of Zimbabwe Alloys which is currently under judicial management. The announcement was made late on Tuesday.

Zimbabwe Alloys holds 19,780 hectares of mining areas across Zimbabwe consisting 72.25 million tonnes of chrome ore.

Balasore Alloys is a part of Ispat Group of Companies and one of the largest manufacturer and supplier of high carbon ferrochrome across the world. The company produces 1,50,000 MT per annum high carbon ferrochrome.

At 10:10 hours, the stock of Balasore Alloys was trading at Rs. 88.40 per share, up Rs 9.05 or 11.41 per cent on BSE. The scrip opened at Rs. 82.55 and touched a high and low of Rs. 89.70 and Rs. 82.00, respectively. The stock has a 52-week high and 52-week low of Rs. 99.90 and Rs. 42.90, respectively on BSE. The stock attracted a traded volume of 4,13,121 shares on BSE.