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Business News/ Market / Stock-market-news/  Monnet Ispat shares jump 13% on reports of stake sale in Monnet Power
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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

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. Premium
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.

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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Published: 24 Mar 2015, 02:27 PM IST
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