Shares of Uttam Galva Steels surged 8 per cent today as South Korea's Posco joined Uttam Galva group to set up an estimated USD 3-billion steel plant in Maharashtra.
Following this, the stock jumped 7.93 per cent to settle at Rs 40.85 on the BSE. In intra-day, it soared 17.3 per cent to Rs 44.40.
At the NSE, the stock zoomed 7.94 per cent to Rs 40.75 at close.
South Korea's Posco today joined Uttam Galva group to set up an estimated USD 3-billion steel plant in Maharashtra - the first Indian facility for the global giant whose USD 12 billion proposed project in Odisha has been stuck in regulatory tangles for a decade.
The 3 million tonne integrated steel plant at Satarda in Maharashtra would be set up by a joint venture (JV) where Posco will have 20 per cent stake while 80 per cent would be with Shree Uttam Steel and Power Ltd, an arm of Miglani family-run Uttam Galva Group.
It will initially build 1.5 million tonne per annum (MTPA) plant with a new technology from Posco at a cost of about USD 1.5 billion.
Shree Uttam Steel and Power is owned by the co-promoters of Uttam Galva Steels Ltd, which is jointly owned by ArcelorMittal.
A pact in this regard was signed in Mumbai this morning between Shree Uttam Steel and Power and steel giant Posco.
