Ispat industries news | ispat industries latest news, ispat share price, ispat, bse india

Ispat industries news | ispat industries latest news, ispat share price, ispat, bse india
Shares of Ispat Industries climbed over 10 per cent in early trade on the Bombay Stock Exchange (BSE) on Monday amid media reports that JSW Steel and Jindal Steel & Power are in the race to buy the company’s stake.
According to reports, JSW Steel and Jindal Steel are the contenders for buying steel maker Ispat Industries.

Buoyed by the move, shares of Ispat shot up 10.42 per cent to touch an early high of Rs. 24.90 on the Bombay Stock Exchange (BSE).

Similarly, on the National Stock Exchange, the scrip zoomed 9.97 per cent to an early peak of Rs. 24.80.

While JSW has already signed a non-disclosure pact and is carrying out due diligence, Jindal Steel has been approached by Ispat which has appointed Kotak Mahindra Bank to explore possible suitors for a controlling interest, the report added.

Meanwhile, JSW Steel was trading at Rs. 1,173, up 0.74 per cent from the previous close on BSE, Jindal Steel was quoting at Rs. 673.50, up 0.39 per cent.

The BSE 30-share barometer Sensex was trading 97.65 points lower at 19,767.20 at 10.35 am.

SOURCE: NDTV

Posted by musicking on Dec 20 2010. Filed under Business news. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry