Bajaj Steel shares up by 12 percent

Bangalore: Bajaj Steel Industries stock was among the top gainers after its price went up by nearly 12 percent. After opening the day at Rs.162, the stock touched its 52 week high of Rs.275, before closing the trade at Rs.161.20, with a gain of 11.63 percent. Through the day, 18144 shares of Bajaj Steel Industries were traded in the market with a PE ration of 32.31.

Bajaj Steel Industries is an India-based company. The company operates in two divisions: Steel Division and Superpack (Plastic) Division. Its Steel Division is engaged in manufacturing of cotton ginning and pressing machineries and its spare parts and accessories. The company is having distinguished manufacturing facilities in India for cotton ginning and pressing plants located at Hingana, Nagpur. The Superpack division is engaged in the manufacturing of masterbatches. The company's range of products include seed decorticator, cotton seed cleaning machine, ginning machine, cotton baling press, hull beater and linter cleaner. During fiscal 2010, the disposal of Superpack division is under process.

Net profit of Bajaj Steel Industries declined 80.68 percent to Rs. 1.13 crore in the quarter ended December 2010 as against Rs. 5.85 crore during the previous quarter ended December 2009. Sales declined 14.67 percent to Rs. 72.48 crore in the quarter ended December 2010 as against Rs. 84.94 crore during the previous quarter ended December 2009.