Monnet Ispat surges on heavy volumes

Volumes in the counter were over 2 lakh shares compared to the 2-week average of 31,000 shares

Shares of Monnet Ispat & Energy were up 12% at Rs 27.20 on the Bombay Stock Exchange amid heavy volumes.

The company in a clarification said that the lenders which now hold 51% stake in the company, in terms of SDR guidelines of RBI, have mandated SBI Capital Market Ltd (SBI Caps) to call the bid for the same.

The process is led by State Bank of Patiala, the lead bank, the release added.

The stock opened at Rs 24.60 and touched a high of Rs 28.10. At 12:45pm, over 1.2 million shares were traded on both the stock exchanges.