JSPL jumps on acquisition plans

Jindal Steel and Power has jumped 1.5% to Rs 432 in the morning deals on reports that the company is in discussions to acquire controlling stake in Canada's CIC Energy.

The company is in advanced stages of discussions to acquire the controlling stake in Canada's CIC Energy for about Rs 1,800 crore.

the acquisition will give Jindal Steel access to high grade thermal coal from CIC's Mmamabula Coalfields and other properties, according to WSJ.

The stock opened at Rs 431 and touched the high of Rs 435 in the morning trades. A total of 36,000 shraes have already changed hands compared to its two-week average of 2,46,000 shares.