The stock touched a high of Rs 177 and finally settled with a 2% gain at Rs 175. The counter witnessed comparatively heafty trade volumes of 1.27 million shares on the BSE, as against the two-week daily average trade of 877,424 shares.
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(Updated at 1016 hrs)
Steel Authority of India (SAIL) rose 1.3% to Rs 173 on the BSE on news reports that the government is likely to split the Chiria iron ore mine in Jharkhand.
Sail will be given half of these reserves and the remaining half would be allocated to private companies for developmental purposes.
Chiria currently meets the requirements of SAIL’s Rourkela unit, IISCO plant and part of the Durgapur unit.
Chiria has proven reserves of two billion tonnes, but is not fully explored.