Mukand Gains Strength

Mukand Mukand Ltd.climbed up 4.89% to Rs 88 in early trading on media reports that existing managing director Niraj Bajaj may put back Rahul Bajaj as chairman in the steel company.

Reports advocate that Bajaj Group is also thinking over to increase stake in Mukand.

The scrip touched an intraday high of Rs 92 and an intraday low of Rs 85.30 during the day. On BSE, there were 1 lakh shares in the scrip.

In last one quarter, the daily average volume of the stock stood at 54,222 shares.

In one month to 12 July 2007, the scrip slumped 1.99% against Sensex’s 7.78% increase. It had hit 52-week high of Rs 106.30 on 5 February 2007 and 52-week low of Rs 67 on 24 July 2006.

The board of directors of the company will meet on 14 July 2007 to take the concluding decision on accepting Niraj Bajaj as new chairman and Rajesh Shah as co-chairmen of the company.

At present, Bajaj Group and Shah Family are two main stakeholders in the company. Bajaj group holds about 30%, while Shah family hold about 10%.

Mukand is a mid-sized stainless steel and industrial machines manufacturer. Bajaj Auto uses about 90% of the company's produce.




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