Kalyani Steel

Shares of Kalyani Steels (KSL) moved higher by 20 per cent to its new high of Rs 1,077.65 on the BSE in Friday's intraday trade

Kalyani Steel Ltd on Friday signed an MoU with the Odisha government to set up a manufacturing facility with an investment of Rs 11,750 crore. The project for manufacturing titanium metal, aerospace and automotive components and advanced speciality steel at Gajamara in Dhenkanal district will create 10,000 job opportunities, the company said in a statement. Chief Minister Naveen Patnaik said the collaboration will harness opportunities for the state to emerge as a high-skill job creator. By welcoming Kalyani Steels' project, including a titanium metal and alloy mill, an aerospace components facility, and an integrated automotive component unit, Odisha marks its grand entry into a highly advanced and precision manufacturing sector," he said. Patnaik also said the project is a "perfect match for our aspirations for creating an ecosystem conducive to new-age industries". The chief minister also said the project would catalyze the growth of micro, small and medium enterprises (MSMEs),

Kalyani Steels was declared as successful bidder for acquisition of assets of Kamineni Steel & Power India Private Limited (In Liquidation) for a cash consideration of Rs 450 crore.

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The stock rallied 16% to Rs 289, also its 52-week high on the BSE in intra-day trade.