Ashoka Metcast may enter into chemical industry

Ashok Metcast Limited has informed the stock market that it may enter the chemical business in the coming days. The company is primarily engaged in the trading of steel and other trading activities.

The company is currently engaged in trading and manufacturing structural steel products like TMT bars, angles, channels, MS Bars etc.   

AML plans to leverage its group and promoter networks in the real estate and infrastructure space as well as a strong balance sheet situation to increase its presence in the structural steel market of Gujarat and Western India.

Meanwhile, benchmark Sensex closed higher by 167 points in a volatile trade on Friday driven by buying in ICICI Bank, State Bank of India and Reliance Industries.

The 30-share BSE Sensex climbed 167.06 points or 0.23 per cent to settle at 71,595.49. During the day, it hit a high of 71,676.49 and a low of 71,200.31.

The broader Nifty rose by 64.55 points or 0.30 per cent to 21,782.50 with 27 of its shares closing in the green and 23 in the red.
Stock markets took a breather after Thursday's slide and ended marginally higher on gains in banking and FMCG shares, analysts said. On the other hands, metal telecom and power shares came under selling pressure.

In the broader market, the BSE smallcap gauge fell by 1.36 per cent and midcap index declined 0.82 per cent.

Among the indices, oil & gas went lower by 1.97 per cent, metal fell by 1.62 per cent, telecommunication (1.45 per cent), utilities (1.36 per cent), industrials (1.21 per cent) and power (1.10 per cent).

Bankex, FMCG, financial services, consumer durables and healthcare were the gainers.
On the weekly front, the BSE benchmark declined 490.14 points or 0.67 per cent, and the Nifty dipped 71.3 points or 0.32 per cent.

 With Agency Inputs