Stock Under Rs 50: Despite a highly weak sentiment in the domestic stock market, the Shares of small-cap steel stock traded higher, gained over 4 per cent on Monday. Meanwhile, key equity indices benchmark indices-- Sensex and Nifty-- tumbled over 1 per cent in early trade amid a sharp rally in crude prices due to renewed tension in the Middle East.

The metal stock started the session with a decent gap-up of Rs 19.60 as compared to last day's closing of Rs 19.07 on the BSE, and it continued the gaining momentum further to hit a high of Rs 19.90, up 4.35 per cent against last day's closing due to buying interest.

The rally in the stock was fueled by an announcement made by the company in its recent exchange filing. The company conducted a successful trial run for hot charging of mild steel (MS) billets for manufacturing MS TMT rebars.

Last seen, the metal stock erased all of its gain amid broad-based selling pressure in the stock market. The stock was trading at Rs 18.87, down 1.05 per cent or Rs 0.20. Meanwhile, its 52-week high and low values stood at Rs 33 and Rs 13.50, respectively.

Announcement

The company said it has completed a trial run of hot charging mild steel billets at its TMT bar mill. This development is significant because it greatly reduces reheating requirements, significantly saves fuel consumption and reduces scale losses. Moreover, it will help the company reduce its carbon footprint significantly.

According to the exchange filing, the trial run successfully produced Fe550D grade MS TMT rebar.

Also Read: Stock Market Crash: Sensex Down 820 Points, Nifty Falls Below 23,080; Here's WHY

Share Market Today

The stock indices are trading sharply lower in the afternoon trade on Monday after falling by over a per cent in the early session. Last seen, BSE Sensex was trading at 73,602.85, down 0.86 per cent or 640.49 points. Nifty50 was quoted at 23,154.40, down 0.91 per cent or 212. 30 points.

Share Price History

According to BSE Analytics, the stock surged over 790 per cent in the last 5 years. However, in the last two years, it corrected over 63 per cent in the last two years and fell 36 per cent in a year.

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.