Cronimet Alloys India has soared 15% to Rs 160 on reports that metals and energy giant Glencore International is in talks to buy 24% stake in the company.
“Glencore International may pay as much as Rs 75 crore for stake in Indian ferro chrome maker Cronimet Alloys. Ferro chrome is an important raw material for making stainless steel, which has wide usage in emerging powerhouses India and China," reports suggest.
The stock opened at Rs 145 and hit a high of Rs 167 on the National Stock Exchange. A combined 75,000 shares have already changed hands on the counter in morning deals, as against an average of less than 60,000 shares that were traded daily in past two weeks.
