Sandur Manganese and Iron Ore has soared 18% to Rs 593, in otherwise extremely weak market, on reports that JSW Steel is planning to acquire stake in the company.
The stock opened at Rs 560 and hit a 52-week high of Rs 597 on BSE. Around 132,000 shares already changed hands on the counter so far against an average 28,000 shares that were traded daily in past two weeks on BSE. The benchmark Sensex was down 1% at 19,834 at 1358 hours.
“Sajjan Jindal promoted JSW Steel, is in talks to purchase a significant stake in Sandur Manganese and Iron Ores in Karnataka to improve its access to iron ore and cut logistics costs,” the Economic Times report suggests.
The promoter's of JSW Steel, which currently holds 74.28% stake in the company have been planning for divestment and have appointed investment banker Edelweiss Financial Services to search for a buyer, added report.
The stock opened at Rs 560 and hit a 52-week high of Rs 597 on BSE. Around 132,000 shares already changed hands on the counter so far against an average 28,000 shares that were traded daily in past two weeks on BSE. The benchmark Sensex was down 1% at 19,834 at 1358 hours.
“Sajjan Jindal promoted JSW Steel, is in talks to purchase a significant stake in Sandur Manganese and Iron Ores in Karnataka to improve its access to iron ore and cut logistics costs,” the Economic Times report suggests.
The promoter's of JSW Steel, which currently holds 74.28% stake in the company have been planning for divestment and have appointed investment banker Edelweiss Financial Services to search for a buyer, added report.
