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Visa Steel surges on hike in FII Limit

Shares of Visa Steel soared more than 15 per cent on the BSE as RBI has raised the foreign investment limit in the company to 74 per cent.

As of June 2017, promoter and promoter group's shareholding stood at 61.98 percent and the rest is held by public. Foreign portfolio investors including Cresta Fund, LTS Investment Fund and APMS Investment Fund hold 23.1 percent stake in the company while non-resident Indian has 0.21 percent stake.

VISA Steel Limited is mineral, metal and energy company engaged in the manufacturing of iron and steel products, including pig iron, sponge iron, special steel and high carbon ferro chrome with captive power plant at Kalinganagar, Odisha.

At 11:20 am, Visa Steel was trading at Rs. 20.80, up by Rs. 2.85 or 15.88 per cent from its previous closing price of Rs. 17.95. The scrip opened at Rs. 19.50 and touched a high and low of Rs. 21.35 and Rs. 19.40, respectively. The stock attracted a traded volume of 93,192 shares on the BSE. The stock posted its biggest intraday percentage gain since September 25.

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