ADVERTISEMENT
Kalyani Steels Shares Surge 12% To Record On Winning Bid To Buy Kamineni Steel Assets
The stock rose as much as 12.39% during the day to Rs 584 apiece on the NSE.
11 Jan 2024, 10:57 AM IST ![NDTV Profit](/icons/feather-without-circle.svg)
![NDTV Profit](/icons/timer.svg)
![<div class="paragraphs"><p>(Source: Kalyani Steels website)</p></div>](https://media.assettype.com/bloombergquint%2F2024-01%2F1e99cfc5-9ab6-48ee-8f56-d6c3f87c72f4%2Fkalyani_steel_650_650x400_71472213253.jpg?auto=format%2Ccompress&w=200)
(Source: Kalyani Steels website)
Shares of Kalyani Steels Ltd. jumped over 12% to an all-time high on Thursday after it emerged as the successful bidder to acquire assets of Kamineni Steel and Power India Pvt., which is under liquidation.
A cash consideration of Rs 450 crore is expected to be paid for the acquisition of assets on or before April 7, according to an exchange filing on Wednesday.
![Kalyani Steels Shares Surge 12% To Record On Winning Bid To Buy Kamineni Steel Assets](https://media.assettype.com/bloombergquint%2F2024-01%2Fa77d76da-9c3c-461f-8ac0-d026ffdc59b5%2FWhatsApp_Image_2024_01_11_at_10_18_27.jpeg?auto=format%2Ccompress)
Kalyani's stock rose as much as 12.39% during the day to Rs 584 apiece on the NSE. It was trading 12.36% higher at Rs 583.70 apiece compared to a 0.25% advance in the benchmark Nifty 50 as of 10:16 a.m.
The stock has risen 59.81% in the last 12 months. The total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 71.
Opinion
Polycab Shares Locked In 20% Lower Circuit After Tax Raids
ADVERTISEMENT