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Thursday, March 28, 2024

Up 100% in a quarter! Stock of this defaulting firm finds buyer in Anil Goel - Economic Times

Last updated Tuesday, October 12, 2021 00:41 ET , Source: NewsService

NEW DELHI: Seasoned investor Anil Kumar Goel entered a microcap stock,

Indsil Hydro Power and Manganese

, in September quarter, even when the company has been defaulting on interest payments for some time.

Despite this, the scrip delivered a solid 106 per cent return since July 1.

Indsil manufactures ferro alloys and operates hydro and thermal power plants. The company produces low carbon silicon manganese, medium carbon silicon manganese and ferro chrome from Palakkad, Raipur and Andhra Pradesh plants, respectively.

The promoters held 63.44 per cent stake in the company as of September 30. A total of 74.26 per cent of their holding remains pledged with the lenders. FII holding in this stock is non-substantial at 0.16 per cent. None of the mutual funds have exposure to this stock.

Goel owned a 1.08 per cent stake in the company as of September 30. He was last seen holding a similar percentage in this company in June 2018. Since then, he was not among the shareholders holding over 1 per cent stake, as per publicly available data with Trendlyne. It cannot be ascertained whether Goel held this stock all this while.

On October 7, the company said it has defaulted on repayments of loans from IDBI Bank, YES Bank, RBL Bank (RBL), Karnataka Bank (KBL) and State Bank of India (SBl). This was to the tune of Rs 12.97 crore. The company's total outstanding amount stood at Rs 84.97 crore while total indebtedness was of Rs 90.51 crore.

On Monday, the micro-cap stock hit the 5 per cent...



Read Full Story: https://economictimes.indiatimes.com/markets/stocks/news/up-100-in-a-quarter-stock-of-this-defaulting-firm-finds-buyer-in-anil-goel/articleshow/86957271.cms

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