Indian Metals & Ferro Alloys hits record high on $42 mln compensation order

Indian Metals And Ferro Alloys

06/12/2023 07:53

** Shares of Indian Metals & Ferro Alloys  IMFA.NS  up as
much as 8.23% to a record 572.6 rupees
    ** Stock posts sharpest intraday pct gain since Sept. 25
    ** Ferro chrome producer said India's coal ministry
determined valuation of compensation of free hold and lease hold
land at 3.53 billion rupees ($42.4 million) to co's unit
    ** Shares trading above 50-, 100-, and 200-day simple moving
averages
    ** IMFA's relative strength index is above 70, indicating
that it has been overbought 
    ** About 798,000 shares changed hands, 2.7x 30-day average  
 
    ** Stock last up 3.2%, extending YTD gains to over 105% 
    

($1 = 83.3125 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))