JVSL looks up on block deals

DALAL STREET SPIKES

Jindal Vijaynagar Steel Ltd (JVSL) ended higher on renewed buying after a couple of block deals totalling 51.50 lakh shares were reported on the BSE in early trades.

Over 60.13 lakh JVSL shares were traded on the BSE on Monday. Steel sector stocks have been in the limelight of late in anticipation of a hike in steel prices from next month.

The JVSL stock ended 2.48 per cent higher to close at Rs 377.80 after hitting the day's high of Rs 393.10. Among other steel stocks which gained on Monday were Uttam Galva Steel, up 4.03 per cent to Rs 63.20, Jindal Stainless up 3.44 per cent to Rs 97.60, Steel Authority of India up 1.33 per cent to Rs 64.65, Ispat Industries up 1.08 per cent to Rs 28.20 and Essar Steel up 0.82 per cent to Rs 55.15.

A head of research with a domestic broking firm said, "While steel firms are expected to remain firm, its the larger volumes which will drive the business."