Monnet Ispat and Energy posted a standalone net loss of Rs.358.60 cr for the quarter ended June 30, 2016. The company had clocked a net profit of Rs.473.91 cr in the April-June quarter of the previous financial year.
Monnet Ispat stated in a BSE filing that its total standalone income also decreased to Rs.420.62 cr in the first quarter of the present fiscal, as compared to Rs.691.05 cr in the year-ago quarter.
Happenings in the last quarter:
In March, the firm’s shareholders approved the proposal to sell its stake in a power ancillary firm named MPCL - Monnet Power Company Ltd. Monnet has 87.5 per cent stake in MPCL. Monnet Power Company is constructing a 1,050 MW capacity thermal power plant in Angul, Odisha. Its capacity is further being upgraded and raised to 1,710 MW by adding an additional 660 MW super critical turbine at the same site, according to the information provided on the website of MIEL.
Meanwhile, Monnet Ispat share price was trading 0.66 per cent higher at Rs.23 apiece in the early morning trade on NSE today. The stock opened at Rs.22.60 from a previous closing of Rs.22.85. As of 9:22 am, the day’s high of the stock stood at Rs.23 while the day’s low read at Rs.22.30. The total traded volume stands at 4,902 shares with a traded value of Rs.1.11 lac. The scrip made its 52-week high of Rs.41.50 (06-Oct-15) while it made its 52-week low of Rs.19.25 (01-Mar-16).
For details on resistance and support levels of the stock, please visit Monnet Ispat share price history.
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