Mukand jumps on selling Thane land for Rs 800 cr

Mukand jumped 5.69% to Rs 138.40 after the company announced that it sold its land in Thane to AGP DC Infra Two for Rs 796.46 crore.

Mukand has completed the transfer of 45.94 acres of the land at Kalwe/Dighe facility in Thane district by executing the necessary deeds of conveyance on 5 January 2022 in favour of the purchaser, AGP DC Infra Two for aggregate consideration of Rs 796.46 crore. The entire consideration is received by the company.

"The Purchaser is not related to promoter / promoter group / group companies and transaction does not fall within related party transactions," the company said in a statement.

Mukand manufactures stainless steel, alloy steel, and stainless steel billets, and is an exporter of hot rolled bars. The company makes iron and steel products, steel castings, steel structurals, Electrical Overhead Travelling and other cranes, and other industrial machinery.

On a consolidated basis, net profit of Mukand declined 86.32% to Rs 2.40 crore on 22.18% increase in net sales to Rs 1465.10 crore in Q2 September 2022 over Q2 September 2021.

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