Ispat Industries - 500305

Name of Company	Ispat Industries
BSE Code	500305
NSE Code	ISPATIND
ICICI Code
Established
My Take	Dislike
Headquarters	Kolkata
Promoters	Pramod Mittal
Story	Underperformed the Metals index. The results seem unreliable. Huge losses Qtr after Qtr followed by a few small profits.
Sector	Metal
Sub-sector	Iron and Steel
Website	http://www.ispatind.com/
Positives
Negatives	DII’s(IDBI, IFCI, etc) have offloaded their holdings due to the rumors that management is siphoning off money which is proved by the huge loss made when the steel industry was making huge profits. There are rumors that that company has been selling big quantities of sponge iron in cash (without bill).
Peers	Tata steel, SAIL, Jindal Steel

Management has pledged >90% of their stake. Banks are planning to sell their stake to some leading steel companies.