On Thursday, after winning the bid to buy the assets of Kamineni Steel, shares of Kalyani Steel jumped by almost 20% to reach a record level. The company is buying these assets in auction. According to the information given to the stock market on Wednesday, Kalyani Steel will pay Rs 450 crore in cash to buy these assets. The company will have to make this payment by April 7.
Kalyani Steel shares at record level
Kalyani shares rose 12.39% to Rs 584 in early trade on NSE. It also touched the highest level of Rs 623.7 during the day. The stock has risen 59.81% in the last 12 months, with its daily volume being 15 times the 30-day average.
