Bajaj Steel stock gains 13 percent

Bangalore: After the optimistic ride throughout the day, Bajaj Steel ended the trading among top gainers with a gain of 12.83 percent (Rs.20.85). The stock started trading at Rs.155, which is day's lowest value, but stock managed to gain investors' faith in the afternoon trade and ended the trading at Rs.183.40. The stock touched 52-week high of Rs.202 and low of Rs.90.10. Overall 2,29,526 shares were traded throughout the day with a current P/E ratio at 2.99.

Bajaj Steel Industries is an India-based company. The products manufactured by the company include double roller ginning machines, cotton boll openers, cotton baling presses, pre-cleaners and lint cleaners. It is also engaged in producing sacks and bags and has a plant at Sausar near Chhindwara, Madhya Pradesh. The company operates in two business segments; steel division and plastic division. In the quarter ended September 30, 2009, the profit of the company rose marginally by 4.62 percent to Rs.44.81 million from Rs.42.83 million in the same quarter last year. Net sales declined 34.63 percent to Rs.547.90 million.