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Electrosteel Castings is said to be witnessing accumulation by investors following the company’s decision to invest in a new steel unit. As the company recently informed, its board has okayed a decision to allocate up to Rs 630 crore in Electrosteel Integrated Ltd, an associate outfit. The latter will set up a 1.3-million-tonnes-per-annum steel plant in Jharkhand. The Electrosteel Castings stock, which moved up 3.7 per cent on NSE on Wednesday, closed at Rs 445.30. It had opened at Rs 432. However, the traded quantity remained low — fewer than 19,000 shares. The stock, incidentally, will soon see a sub-division, from Rs 10 to Re 1 each. Its 52-week high and low are Rs 521.85 and Rs 348.95. The promoter group holds nearly 55 per cent of the company’s equity (as of June 2007).

Nilanjan Dey

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