Kirloskar Ferrous Industries Ltd Share Price – NSE /  BSE

Steel, Small Cap

Kirloskar Ferrous Industries has allotted 22,345 equity shares under ESOS. Consequently, the issued, subscribed and paid-up share capital of the Company stands increased to Rs 82,29,08,940 comprising of 16,45,81,788 equity shares of Rs 5 each.

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The domestic equity benchmarks traded with moderate cuts in mid-morning trade. The Nifty hovered below the 24,300 level after hitting the day’s high of 24,394.45 in morning trade. Financial services shares extended losses for the third consecutive trading session.

At 11:29 IST, the barometer index, the S&P BSE Sensex, declined 347.52 points or 0.43% to 80,334.67 . The Nifty 50 index lost 83.65 points or 0.34% to 24,252.35.

In the broader market, the S&P BSE Mid-Cap index declined 0.22% and the S&P BSE Small-Cap index fell 0.33%.

The market breadth was negative. On the BSE, 1,585 shares rose and 2,209 shares fell. A total of 136 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index declined 1.04% to 24,243.30. The index fell 2.56% in three consecutive trading sessions.

REC (down 2.61%), Power Finance Corporation (down 1.50%), ICICI Bank (down 1.40%), Axis Bank (down 1.25%), Multi Commodity Exchange of India (down 1.22%), HDFC Bank (down 1.12%), ICICI Lombard General Insurance Company (down 0.95%), State Bank of India (down 0.91%), Bajaj Finserv (down 0.80%) and HDFC Asset Management Company (down 0.73%) declined.

On the other hand, Muthoot Finance (up 0.64%) and SBI Cards & Payment Services (up 0.08%) edged higher.

Stocks in Spotlight:

Kirloskar Ferrous Industries rose 1.61% after the company said that it has commenced the dispatch of iron ore from the Kirloskar Bharath Mines commenced from 17 December 2024.

Piramal Enterprises slipped 3.20% after the company informed that its board is scheduled to meet on Friday, 20 December 2024, to consider and approve the public issuance of non-convertible debentures (NCDs).

VA Tech Wabag dropped 7.88% after the company's said that its Rs 2,700 crore order for a 300 MLD mega seawater desalination plant from Saudi Arabia has been canceled.

Global Markets:

Most Asian shares advanced on Wednesday, shrugging off modest declines on Wall Street as investors awaited the Federal Reserve's final interest rate decision of the year. While a 25-basis-point rate cut is widely anticipated, the market is keenly focused on the Fed's outlook for next year, given the potential impact of proposed policies that could reignite inflationary pressures.

Japan's trade balance unexpectedly improved in November, supported by stronger-than-expected exports driven by increased demand from the U.S. and China and a weaker yen. The trade deficit narrowed to 117.6 billion yen ($770 million).

US indices retreated on Tuesday as investors exercised caution ahead of the rate decision, with the tech sector experiencing a slight pullback from recent gains. The S&P 500 fell 0.4% to 6050.61 points, the NASDAQ Composite lost 0.3% to 20,108.30 points, and the Dow Jones Industrial Average closed 0.6% lower at 43,449.90 points. NVIDIA Corporation dropped 1.2%, while Alphabet fell 0.5%. Pfizer rose 4.6% after confirming that its 2025 profit expectations remain largely unchanged.

Meanwhile, data showed US retail sales rose by 0.7% in November, exceeding forecasts. This robust figure suggests the economy remains strong and consumer spending remains healthy, despite challenges like inflation and high interest rates. This strength is underpinned by a solid job market and stable household finances.

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The supply of iron ore from the said mine started after the receipt of necessary approvals from Department of Forest, Government of Karnataka.

In September 2018, Kirloskar Ferrous was declared as the ‘preferred bidder’ in respect of e-auction of Bharath Mines & Minerals based on highest final price offer submitted by the company.

The company had entered into the mining lease deed with the Government of Karnataka, Department of Mines and Geology for the aforesaid mine to conduct mining operations for a period of 50 years in March 2021.

Kirloskar Ferrous Industries is one of India's largest castings and pig iron manufacturers. The company caters to various industry sectors, such as tractors, automobiles and diesel engines.

The company reported 4.93% decline in consolidated net profit to Rs 77.64 crore in Q2 FY25 as compared to Rs Rs 81.67 crore in Q2 FY24. However, revenue from operation gained 6.81% to Rs 1,666.02 crore in Q2 FY25 as compared to Rs 1,559.69 crore posted in the same period last year.

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However, revenue from operation gained 6.81% to Rs 1,666.02 crore in Q2 FY25 as compared to Rs 1,559.69 crore posted in the same period last year.

Profit before tax was at Rs 107.80 crore in the second quarter of FY25, down 18.99% as against Rs 133.08 crore in Q2 FY24. The firm reported exceptional loss of Rs 36.73 crore during the second quarter of FY24.

EBITDA stood at Rs 194.1 crore, registering the de-growth of 23.34% as compared with Rs 253.2 crore posted in same quarter last year. EBITDA margin reduced to 12% in Q2 FY25 as against 16% in Q2 FY24.

R.V.Gumaste, MD, KFIL, said In Q2, we observed a 7% growth in revenue; however, profitability declined due to margin pressure across product lines. This quarter, we commenced trial run operations at Oliver Engineering, subsidiary located near Chandigarh, which will enhance our reach to customers in North India.

The solar project in Jalna is progressing as well and expected to complete the remaining 35MW by end of November. We anticipate demand to pick up in the second half of the year, as early indications suggest an uptick in capital expenditure post-elections, particularly for steel and seamless pipes.”

Kirloskar Ferrous Industries is one of India's largest castings and pig iron manufacturers. The company caters to various industry sectors, such as tractors, automobiles and diesel engines.

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