Kalyani Steels Shares Surge 12% To Record On Winning Bid To Buy Kamineni Steel Assets

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'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.