Ispat Ind rises 3%, JSW falls 2.7% in early trade

Ispat Ind rises 3%, JSW falls 2.7% in early trade

Mumbai: Shares of Ispat Industries on Thursday surged nearly 3% in early trade on the Bombay Stock Exchange (BSE) after JSW Steel launched an open offer to buy a 20% additional equity in the steel-maker.

JSW Steel had made an open offer yesterday to buy 20% additional equity in Ispat at a price of Rs20.54 per share.

Ispat rose 2.96% to hit an early high of Rs24.30 on the BSE, while on the National Stock Exchange (NSE), the scrip went up by 2.53% to an early peak of Rs24.25.

The scrip had jumped 11.32% on the BSE in the previous trading session.

JSW had announced a Rs2,157 crore deal on Tuesday to acquire a 45% stake in Mittal brothers-promoted Ispat Industries.

Meanwhile, JSW Steel plunged 2.73% to hit an early low of Rs1,170.05 on the BSE.

The BSE bellwether Sensex was trading flat at 20,020.05 at 10:00 am.

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