Kirloskar Ferrous Industries gains 3% on resolution plan approval

According to a regulatory filing by Kirloskar Ferrous Industries, the plan was approved by an order dated September 12, which was received by the company on September 13.

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Shares of Kirloskar Ferrous Industries were trading 2.7 percent higher on the NSE at open on September 14, after the company said that its resolution plan for corporate debtor Oliver Engineering had been approved by the National Company Law Tribunal, New Delhi Bench. By 9:48 am, the shares were trading at Rs 468.95, nearly 4 percent higher from yesterday’s close.

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According to a regulatory filing by Kirloskar Ferrous Industries, the plan was approved by an order dated September 12, which was received by the company on September 13. Oliver Engineering is engaged in the business of ferrous casting and machining and has a manufacturing facility in Punjab.

In June 2023, the company reported net sales of Rs 1,502.47 crore up by 0.58 percent from Rs. 1,493.82 crore in June 2022. For the same period, quarterly net profit was Rs. 92.93 crore, down by 15.98 percent year-on-year from June 2022. Earnings before interest, taxes, debt and amortisation (EBITDA) for the quarter stood at  Rs. 211.85 crore in June 2023, up by 13.48 percent from June 2022.

Also read: Hot Stocks | Kirloskar Ferrous Industries, TVS Electronics, Kalyan Jewellers India can return 15-20% in short term, here’s why

In August, in an interview with CNBC TV-18, Kotak Securities’ Shrikant Chouhan had expressed enthusiasm for Kirloskar Ferrous Industries. According to Chouhan the stock had shown “remarkable resilience and strength.”

Kirloskar Ferrous, a maker of castings and pig iron products is a part of the Kirloskar Group. It has manufacturing facilities at Koppal, Hiriyur and Solapur. Kirloskar Ferrous Industries manufactures products for a variety of industries – from automobiles to textile mills and steel industries.

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