Jindal Stainless moves up on Indonesian buy

DALAL STREET SPIKES

Jindal Stainless ended 1.59 per cent higher on the BSE after the company announced it has finalised a deal to take over a cold rolling downstream unit in Indonesia. The stock in intra-day trades touched a high of Rs 69.50 before closing at Rs 67.20 on profit booking.

The counter witnessed impressive volumes of more than 2.88 lakh shares at the BSE. Analysts said, many mid cap stocks are witnessing renewed buying and the news of takeover of a plant in Indonesia worked a trigger for fresh buying into these counter.

The stock, in fact, has appreciated from a low of Rs 46.90 on June 23 to Monday's close of Rs 67.20. Jindal Stainless is a leading exporter of stainless steel. However, its exports declined in recent months after the government suspended the DEPB benefit on exports in March 2004.