Indian Metals gains on eyeing Rs 1,600 crore turnover in FY15

Indian Metals & Ferro Alloys is currently trading at Rs. 384.00, up by 2.40 points or 0.63% from its previous closing of Rs. 381.60 on the BSE. The scrip opened at Rs. 381.10 and has touched a high and low of Rs. 389.90 and Rs. 381.10 respectively. So far 220 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 400.00 on 20-May-2014 and a 52 week low of Rs. 137.60 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 400.00 and Rs. 265.10 respectively. The current market cap of the company is Rs. 989.99 crore. The promoters holding in the company stood at 55.73% while Institutions and Non-Institutions held 10.07% and 34.19% respectively. Indian Metals & Ferro Alloys (IMFA) is forecasting a turnover of about Rs 1550-1600 crore, an increase from FY14’s Rs 1300 crore. The company expects realizations to improve in the second half of the year. The company has registered the highest ever ferrochrome production of 198,000 tonne in FY14 and the guidance for FY15 is of about 230,000 tonnes. Indian Metals & Ferro Alloys is primarily involved in the production of ferro alloys including charge-chrome (high-carbon ferro-chrome), and has an installed furnace capacity of 157 MVA in its two units in Therubali and Choudwar districts of Orissa. The company’s operations are supported by a 108 MW captive thermal power plant (at Choudwar) and captive chromite mines.