Scripscan:VBC Ferro Alloys Ltd
cmp:300
Traded in:bse
Story:L&T is one company that has a big fan club on Dalal Street and for all the good reasons. VBC Ferro Alloys is being looked at with interest by the bhais on D-Street. The company is not exactly the kind The Insider tracks closely, so it is hard to give too much credence to the so-called ''news'' that is expected to come from the company. If Street-watchers are to be believed, the company is all set to announce a qualified institutional placement (QIP) at Rs 450 per share. The bhais insist that an official announcement is just around the corner, since their sources tell them that a leading merchant banker has been appointed for the QIP. The news does not end there. They also tell The Insider the company has been recently allotted 300 acres of land for manganese ore mining and that these mines will be operational in the next 3-6 months. However, the icing on the cake, according to them, is that the company is also into that market favourite space of power. It has 14 crore shares in Konaseema Gas Power (KGPL) and 60 lakh shares in Orissa Power Corporation, which is implementing a 100-mw hydel power plant. Given that the IPO of KGPL is likely to be announced in a few months, they believe all this will unlock huge wealth for VBC Ferro Alloys. The Insider, as always, when there is so much supposed news, recommends caution.
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