Shah Alloys shares surges by 40 per cent in March post settlement deal with ARCIL

The share price of Shah Alloys surged by about 5 per cent in Thursday’s trade on the back of the settlements of the company with ARCIL.

The stock has witnessed a surge of over 40 percent in March with 8 positive days out of 9 trading days after the settlement agreement between Shah Alloys and ARCIL.

The two of the banks, Karur Vysya and IDBI Bank had assigned their entire outstanding debts to ARCIL. Following which, Shah Alloys agreed for a settlement with ARCIL with respect to credit facilities availed by it and settled the amount to be paid upto December 31, 2020 and March 31, 2022.

In Thursday’s trade Shah Alloys hit an intraday high of Rs. 41.55 per share and an intraday low of Rs. 40.15 per share on BSE. The stock had touched its 52-week high of Rs. 49 per share on March 20, 2018 and its 52-week low of Rs. 14.25 per share on June 28, 2017 on BSE, respectively.   
    

On Thursday, Shah Alloys closed at Rs 41.55, up by Rs 1.95 per share or 4.92 per cent, while, S&P BSE Sensex ended at 34,713.60 level, up by 212.35 or 0.62 per cent.