Steel Authority surges on JV plan

DALAL STREET SPIKES

Steel Authority of India (SAIL) was among the top ten gainers in the A group and rose nearly 4.6 per cent to close at Rs 107.85 on volumes of over 25 lakh shares as it announced a joint venture with Jaiprakash Associates for the formation of a joint venture company.

The company would hold minority stake of 26 per cent in the JV and the remaining 24 per cent would be with JAL.

The joint venture will set up a cement plant for producing 2.2 million tonne of cement, at Bhilai (Chhattisgarh) and at Satna (Madhya Pradesh), by using slag generated at the Bhilai Steel Plant and limestone from the company's mines at Satna.