Indian Metals and Ferro Alloys gains 7 per cent on expansion approval

Indian Metals & Ferro Alloys (IMFA) limited gained nearly 7 per cent on getting approval for an expansion proposal at Odisha.

Under this, the company is planning to expand a 96,000 TPA ferro chrome and 10 MW waste heat recovery boiler at Kalinga Nagar, Jajpur, Odisha. It has planned a capex of Rs. 547.19 crores for the above mentioned expansion project and the same has been approved by the state government as well.

Looking at the recently concluded quarter Q2FY20, the company’s consolidated revenue came in at Rs. 389.47 crores against Rs. 394.77 crores in Q2FY19, registering a 1.3% YoY decline.

The operating loss for the quarter reviewed stood at Rs. 13.15 crores against an operating profit of Rs. 45.48 crores in the corresponding quarter last year. The net loss for Q2FY20 came in at Rs. 33.62 crores against the net profit of Rs. 17.02 crores for Q2 in the last fiscal.

Today, the stock opened at Rs. 194.70, spiked nearly 7 per cent, and made an intraday high of Rs. 206.75 on the BSE.