Shares of JSW Steel jumped nearly 8% to hit a 52-week high of Rs 395.40 per share in intra-day trade on Wednesday in the National Stock Exchange (NSE) in an otherwise flat market, as the company was included in the benchmark Nifty 50 index. It will be replacing pharma company Lupin on September 28, 2018.
The inclusion of JSW Steel is expected to boost the steelmaker’s stock, given that several exchange-traded funds (ETFs) track the Nifty index. Shares of JSW Steel have already climbed 40 percent in 2018 so far.
The stock has hit a low of Rs 370 on the NSE so far in intra-day trade.