Aseem Global surges on talks with foreign investors for JV

The company is in advanced stage of talks with overseas investors for technology and financial joint venture for its new plant.

Aseem Global has locked in 10% upper circuit of Rs 65, extending its previous day’s 10% rally after the company said it is in advanced stage of talks with overseas investors for technology and financial joint venture for its new plant.

The stock opened at Rs 60.90 on BSE and has seen over three-fold jump in trading volumes. Around 965,000 shares have already changed hands on the counter so far and there are pending buy orders for 7,700 shares at 1200 hours.

“The company is in talks with overseas Investors for technology cum financial joint venture for its new plant at ABU Road, Rajasthan which recently started its commercial production. The talks are in advance stage,” Assem Global said in a statement.

“The company has planned to start phase II with the additional capacity of another 4800 metric ton by the beginning of next fiscal,” Assem Global said in annual report.

Aseem Global is engaged in sourcing and distribution of non-ferrous and ferrous metals and is a major importer of LME graded non-ferrous metals and operates in India on distribution basis.

The stock has rallied 57% in first two weeks of current calendar year 2013.