Shares of Usha Martin Ltd(UML) jumped almost 16 per cent in intra-day trade Monday as Tata Steel announced its plan to acquire the company's steel business.
The stock zoomed 15.92 per cent to Rs 36.40 on BSE in intra-day. However, later the stock gave up most of its early gains and ended at Rs 31.55, up 0.48 per cent on profit-booking.
At NSE, shares of the company soared 15 per cent to Rs 36 during the day. It finally closed 0.63 per cent up at Rs 31.50.
Tata Steel Saturday announced that it will acquire the steel business of UML for Rs 4,300-4,700 crore.
UML, in a stock exchange filing, said the sale of steel business to Tata Steel will help the company in "significant reduction" of its debt.
The deal is expected to be completed in 6-9 months, it added.
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