JSW Steel has moved higher by 1.4% at Rs 1,022, its highest level since January 2011, after the company said one of its promoters has acquired around 300,000 equity shares of the company through open market transaction.
JSW Investments has bought 135,000 of the company on December 27, and 169,002 shares on December 26, on NSE for total consideration of Rs 30.28 crore, JSW steel said in a regulatory filing.
Post acquisition, JSW Investments holding in JSW Steel increased to 4.74% from 4.62%, it added.
Meanwhile, the company is set to commission its 2.3 million tonne per annum auto-grade steel manufacturing unit at the Vijayanagar plant in Bellary district of Karnataka by March 2014. The company has invested close to Rs 4,500 crore for this unit, which will make outer body panels for passenger cars, the Business Standard report suggests.
The stock has rallied 12% in nine trading sessions from Rs 914 on December 16, compared to less than 3% rise in benchmark CNX Nifty.
JSW Investments has bought 135,000 of the company on December 27, and 169,002 shares on December 26, on NSE for total consideration of Rs 30.28 crore, JSW steel said in a regulatory filing.
Post acquisition, JSW Investments holding in JSW Steel increased to 4.74% from 4.62%, it added.
Meanwhile, the company is set to commission its 2.3 million tonne per annum auto-grade steel manufacturing unit at the Vijayanagar plant in Bellary district of Karnataka by March 2014. The company has invested close to Rs 4,500 crore for this unit, which will make outer body panels for passenger cars, the Business Standard report suggests.
The stock has rallied 12% in nine trading sessions from Rs 914 on December 16, compared to less than 3% rise in benchmark CNX Nifty.
