Tata Sponge Iron hits 52-week high on FII buying

The stock rallied 10% to Rs 717 on the NSE in intra-day trade

Tata Sponge Iron gained 10% to Rs 717, also its 52-week high on the National Stock Exchange (NSE), after the foreign institutional investor (FII) bought nearly 1% stake in Tata Group company through open market.

On Tuesday, February 28, 2017, HSBC Global Investment Funds A/c HSBC Global Investments had acquired 145,743 equity shares representing 0.95% stake in Tata Sponge Iron at price of Rs 646.54 per share on the NSE, the bulk deal data shows.

The name of seller not ascertained immediately.

At 02:46 pm; the stock was up 9% at Rs 709 on the NSE as