Monnet Ispat shares jump 13% on reports of stake sale in Monnet Power
Monnet Ispat and Energy pared some of their gains by afternoon session to trade up 3.43% at Rs54.30
Mumbai: Shares of Monnet Ispat and Energy Ltd rose as much as 13% on Tuesday after Times of India reported that Adani Group and JSW Group are in race to purchase a majority stake in Delhi-based Monnet Power from Monnet Ispat and Energy Ltd.
By 12.40pm, Monnet Ispat and Energy had pared some of their gains to trade up 3.43% at ₹ 54.30, while the benchmark Sensex was up 0.43% at 28,313.16 points.
According to the report, Monnet Power assets are being valued at more than ₹ 3,100 crore and a deal is likely to be completed in April. Monnet Power currently has a 1,050 megawatts coal-based power plant at Angul in Odisha.
Monnet Power is a subsidiary of Monnet Ispat and Energy Ltd. The company did not have any immediate comment to share on the story
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