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Shares of Orissa Sponge Iron & Steel has soared 18% to Rs 380 on the BSE after Monnet Ispat & Energy said that the company is in-principal agreeable to sell its stake held in Orissa Sponge Iron & Steel to Bhushan Steel.
The stock Orissa Sponge Iron & Steel hit a 52-week high of Rs 384 in intra-day trade today. It zoomed 79% in past four trading sessions from Rs 215 on the BSE compared to 6% fall in the S&P BSE Sensex.
With reference to the news appearing in Financial Express on August 22, 2015 titled "In talks with Bhushan Steel to acquire stake in Orissa Sponge Iron", In this regard Monnet Ispat & Energy Ltd has Clarified to BSE that “we are in-principal agreeable to sell our stake held in Orissa Sponge Iron & Steel Ltd. to Bhushan Steel Limited. However, no commercial terms and valuations have been finalized.”
Orissa Sponge Iron & Steel on August 24, in a BSE filing said: "We are the target company, we are not aware of any negations taking place in respect of the shares of the company."
Monnet Ispat & Energy Ltd held 35% stake in Orissa Sponge Iron Steel.
Meanwhile, shares of Bhushan Steel were up 1% at Rs 51.40, while the stock of Monnet Ispat & Energy was down 2% at Rs 29.55 on the BSE at 01:04 PM.
The stock Orissa Sponge Iron & Steel hit a 52-week high of Rs 384 in intra-day trade today. It zoomed 79% in past four trading sessions from Rs 215 on the BSE compared to 6% fall in the S&P BSE Sensex.
With reference to the news appearing in Financial Express on August 22, 2015 titled "In talks with Bhushan Steel to acquire stake in Orissa Sponge Iron", In this regard Monnet Ispat & Energy Ltd has Clarified to BSE that “we are in-principal agreeable to sell our stake held in Orissa Sponge Iron & Steel Ltd. to Bhushan Steel Limited. However, no commercial terms and valuations have been finalized.”
Orissa Sponge Iron & Steel on August 24, in a BSE filing said: "We are the target company, we are not aware of any negations taking place in respect of the shares of the company."
Monnet Ispat & Energy Ltd held 35% stake in Orissa Sponge Iron Steel.
Meanwhile, shares of Bhushan Steel were up 1% at Rs 51.40, while the stock of Monnet Ispat & Energy was down 2% at Rs 29.55 on the BSE at 01:04 PM.
