Bajaj Steel extends rally on sale of plastic division; stock spurts 13%

In the past six months, the stock price of Bajaj Steel has zoomed 107 per cent, as against 1 per cent rise in the S&P BSE Sensex

Shares of Bajaj Steel Industries hit a 52-week high of Rs 1,098.90, spurting 13 per cent on the BSE in Friday's intra-day trade, in an otherwise weak market. At 01:47 pm, the stock was up 11 per cent, as compared to 0.80 per cent decline in the S&P BSE Sensex.

In the past four trading days, the stock of the industrial products company has rallied 23 per cent, after the company's board approved the sale of plastic division (Superpack) on a slump sale basis to VSA Business Solutions Private Limited, Nagpur for Rs 4.75 crore. VSA Business is presently