Electrosteel Steels hits 52-week high on Jindal Drilling stake buys

Jindal Drilling bought 9.16 million shares of Electrosteel Steels at Rs 4.1 per share on the NSE

Electrosteel Steels hit a 52-week high of Rs 5.30, up 14% on the National Stock Exchange (NSE) after Jindal Drilling & Industries, a part of the D P Jindal Group, has bought more than 9 million shares for Rs 3.75 crore through open market.

On January 11, 2017, Jindal Drilling & Industries has acquired 9.16 million equity shares representing 0.38% of total equity of Electrosteel Steels at price of Rs 4.1 per share, the NSE bulk deal data shows.

Jindal Drilling bought these shares from Sudha Apparels, had nil holding in the construction & engineering company at the end of December 2016 quarter.

At 01:24 pm; the stock of Electrosteel Steels was up 10% at Rs 5.10 on the NSE. The trading volumes on the counter jumped more than three-fold with a combined 14.64 million shares changed hands on the NSE and BSE.

Jindal Drilling was trading flat at Rs 167, after hitting high of Rs 170 on the NSE in intra-day trade. A combined 16,400 shares changed hands on both the exchanges so far.