The stock touched a high of Rs 177 and finally settled with a 2% gain at Rs 175. The counter witnessed comparatively heafty trade volumes of 1.27 million shares on the BSE, as against the two-week daily average trade of 877,424 shares.
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(Updated at 1016 hrs)

Steel Authority of India (SAIL) rose 1.3% to Rs 173 on the BSE on news reports that the government is likely to split the Chiria iron ore mine in Jharkhand.

Sail will be given half of these reserves and the remaining half would be allocated to private companies for developmental purposes.

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Also Read   Related Stories News Now - SAIL sales sail ahead 14% in Q2 - Jharkhand ore settlement even more favourable to SAIL - SAIL to import 11 mt of coking coal in 2009-10 - Govt to split Chiria mines, SAIL gets half - BSP reels under water crisis - Outflows recede from reservoirs

Also Read   Related Stories News Now - S&P reaches 7-month high before hitting wall - World Bank President Zoellick to step down on June 30 - Oil cos cut jet fuel prices by Rs 350/kl - Telcos operating profit to rise 5% in 2 yrs: Crisil - PESB recommends SS Narsing Rao for CIL's top slot More

Chiria has proven reserves of two billion tonnes, but is not fully explored.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - S&P reaches 7-month high before hitting wall - World Bank President Zoellick to step down on June 30 - Oil cos cut jet fuel prices by Rs 350/kl - Telcos operating profit to rise 5% in 2 yrs: Crisil - PESB recommends SS Narsing Rao for CIL's top slot

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