Uttam Galva Steels hits 5% upper circuit as ArcelorMittal may bid for Co

Shares of Uttam Galva Steels hit a 5 per cent upper circuit limit of Rs 6 apiece on the BSE on Monday amid reports ArcelorMittal is likely to bid for the company, which was admitted to the National Company Law Tribunal (NCLT) recently, and whose co-promoter it once was.

The NCLT Mumbai Bench on October 1 admitted a petition filed by State Bank of India (SBI) under the Insolvency and Bankruptcy Code (IBC), according to a report by Business Standard. 

People in the know said ArcelorMittal would bid for the company. However, the company declined to comment. Going through the