Tata Metaliks Shares

The Nifty has support at 8100, and if this level breaks, a sharp selloff towards 7800-7900 can be expected next, says Sumeet Bagadia of Choice Broking.

Shares of Tata Metaliks which makes foundry grade pig iron, fell as much as 5.77 per cent to intraday low of Rs 449.95 on account of profit-booking after the company reported over three fold rise in net profit in June quarter on a year on year basis.

Stock exchange BSE on Monday lowered the circuit limit for Tata Metaliks, capping the stock's maximum movement in a day at 5 per cent after a recent rally in the shares.

Tata Metaliks shares were locked in upper circuit for the second consecutive session on Wednesday, following its parent's decision to call off the merger plan. Tata Steel on Tuesday said it has decided to drop its plan to merge Tata Metaliks and Tata Metaliks DI Pipes with itself.

Pig iron maker Tata Metaliks said it has alloted one crore shares of Rs 100 each to one of its promoters Tata Steel on preferential basis.

Tata Metaliks shares rose 4.3 per cent on Tuesday after as it plans capital raise of Rs 100 crore from Tata Steel.

The promoter share of the company will come down to 33% from the current 50%.

The Nifty has support at 8100, and if this level breaks, a sharp selloff towards 7800-7900 can be expected next, says Sumeet Bagadia of Choice Broking.

Shares of Tata Metaliks which makes foundry grade pig iron, fell as much as 5.77 per cent to intraday low of Rs 449.95 on account of profit-booking after the company reported over three fold rise in net profit in June quarter on a year on year basis.

Stock exchange BSE on Monday lowered the circuit limit for Tata Metaliks, capping the stock's maximum movement in a day at 5 per cent after a recent rally in the shares.

Tata Metaliks shares were locked in upper circuit for the second consecutive session on Wednesday, following its parent's decision to call off the merger plan. Tata Steel on Tuesday said it has decided to drop its plan to merge Tata Metaliks and Tata Metaliks DI Pipes with itself.

Pig iron maker Tata Metaliks said it has alloted one crore shares of Rs 100 each to one of its promoters Tata Steel on preferential basis.

Tata Metaliks shares rose 4.3 per cent on Tuesday after as it plans capital raise of Rs 100 crore from Tata Steel.

The promoter share of the company will come down to 33% from the current 50%.