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.
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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.
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