Heard on the Street: MSP Steel & Power rises 10% intra-day on QIP talk

There is a buzz in the market that MSP Steel & Power is looking to raise about Rs 80 crore through qualified institutional placement ( QIP) at a premium to the market price. After surging 10% on Monday, the stock gained further ground to touch an intra-day high of Rs 60.8 in early morning trade on Tuesday.

It, however, came off subsequently on selling at higher levels, before ending 4.5% down at Rs 55.1 on the BSE. When contacted, MSP Steel CFO Kamal Jain said, “We are looking to raise funds through institutional placement but we can not disclose the price”.

He added the funds will be used to strengthen working capital requirements and will be deployed in various projects. MSP Steel & Power has gained 23% over the past one month.


Contributed by Jwalit Vyas & Harish Rao