This small-cap company surged by more than 11 per cent in today’s session: know here why!
On Tuesday, shares of the company surged by more than 11 per cent and traded on its 52-week high of Rs 380.
IFGL Refractories Ltd, a manufacturer in the Iron and Steel Industry, specializes in producing refractories and operating systems. The company is promoted by the S.K. Bajoria Group of India and Krosaki Harima Corporation, a renowned global leader in the refractories industry.
Krosaki Harima Corporation, Bajoria Financial Services Pvt Ltd (BFSPL) and IFGL Refractories Ltd (IFGL) have reached a settlement through mutual discussion. They have decided to amicably terminate their relationship in IFGL. As per the settlement agreement, Krosaki will sell all its shares in IFGL to BFSPL.
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The transfer of shares will occur within 35 days from the execution of the share purchase agreement. Once the transfer is completed, the affiliation between Krosaki and BFSPL will be terminated, and Krosaki will no longer be the promoter of IFGL. This change is subject to approval from the relevant stock exchanges.
The company has delivered returns of 34 per cent over the past year and returns of 185 per cent over the past 3 years. Additionally, the company has been able to grow its sales by 15 per cent (CAGR) over the past 3 years and profit by 37 per cent (CAGR) over the same period.
On Tuesday, shares of the company surged by more than 11 per cent and traded on its 52-week high of Rs 380. Additionally, the scrip had a spurt in volume by more than 3.45 times.
Investors should keep a close eye on this trending stock.