Jindal Stainless shares jump nearly 9% on bourses

Shares of Jindal Stainless today surged 9 per cent after the company said Odisha Industrial Infrastructure Development Corporation (IDCO) has cleared the transfer of its land to Jindal United Steel and Jindal Coke.
The stock soared 8.89 per cent to settle at Rs 26.95 on BSE. During the day, it jumped 13.13 per cent to Rs 28.
At NSE, it zoomed 7.94 per cent to end at Rs 26.50.
On the volume front, 3.79 lakh shares of the company were traded on BSE and over 19 lakh shares changed hands on NSE during the day.
"Company has received approval from IDCO... Letter dated September 24, 2016 conveying its no objection for effecting the transfer/right to use of the land on which the Hot Strip Mill and the Coke Plant of the company are located to JUSL and JCL, respectively," it said in a BSE filing yesterday.

Last year, JSL demerged its operations into three separate entities -- listed Jindal Stainless (Hisar) Ltd (JSHL) as well as private companies JUSL and JCL.