Uttam Galva off from highs as management denies Lloyds Steel stake buy reports

NEW DELHI: Uttam Galva Ltd pared some of its morning gains of over 6 per cent on Monday after the management denied media reports saying that the company has acquired a majority stake of about 58.35 per cent in ailing Lloyds Steel.

At 03:00 pm, the stock was trading 3.9 per cent higher at Rs 62.70. It has hit a low of Rs 61.30 and a high of Rs 64.65 so far in trade.

Lloyds Steel Industries Ltd also pared some of its morning gains of over 19 per cent and was trading 12.5 per cent higher at Rs 13.40. It has hit a low of Rs 12.72 and a 52-week high of Rs 14.54 so far in trade.

“Uttam Galva Steels Ltd has not acquired any stake in Lloyds Steel Industries Ltd (LSIL),” Uttam Galva Steels clarified in a note to BSE.

“However, the Miglani family-controlled Group Companies namely Ultimate Logistics Solutions Pvt. Ltd and Metallurgical Engineering & Equipment Ltd are in the process of acquiring a majority stake in LSIL,” added the note.