Mumbai: Jindal Saw on Wednesday surged nearly 7% in the early trade on Bombay Stock Exchange (BSE), after the OP Jindal group firm on Tuesday, inked a lease pact with Rajasthan government for mining iron ore in the state.
On Tuesday, the pipes manufacturer Jindal Saw announced a lease agreement with Rajasthan government to mine iron ore for 30-year from a deposit containing an estimated 180 million tonnes of resources.
Buoyed by the development, shares of Jindal Saw started the day on a robust note and jumped by 6.83% to touch a month-high of Rs208 a piece on the Bombay Stock Exchange.
The scrip witnessed a similar upside on the National Stock Exchange (NSE) and gained 6.66% to quote at Rs208 in the morning session.
Rise in the Jindal Saw counter was significant, as the broader market was subdued, with the 30-share benchmark Sensex trading weak at 20,402.45, down 96.27 points at 10:27 am.