The stock erased all the morning gains and touched a low of Rs 631 - down 5% from the day's high. The stock ended near the day's low at Rs 634 - down 3%. The counter witnessed trades of 4.47 lakh shares on the BSE.
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Jindal Steel has rallied on news that it was eyeing an acquisition in Africa. The stock is trading at Rs 661, higher by Rs 3 or 1.3%, on the BSE. The shares had opened at Rs 660 and have touched a high of RS 666 and a low of Rs 658 thus far.
The Naveen Jindal-controlled Jindal Steel & Power Ltd (JSPL) is in the race to acquire a majority stake in Zimbabwe Iron & Steel Company (Ziscosteel) — the largest steelworks in the African country.
ArcelorMittal is the the only other suitor for Ziscosteel. According to JSPL sources, the qualifying round has concluded. Due diligence will be done and the bids will be submitted.
Ziscosteel is 89 per cent owned by the government of Zimbabwe, which is looking to divest a 60 per cent stake as part of its privatisation programme. It is not clear how much the deal would fetch the government of Zimbabwe.
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