The stock soared 5.93 per cent to close at Rs 31.25 on BSE. Intra-day, it jumped 11.86 per cent to Rs 33 -- its 52-week high.
At NSE, shares of the company rose by 4.39 per cent to end at Rs 30.90.
In terms of equity volume, 9.73 lakh shares of the company were traded on BSE and over 54 lakh shares changed hands at NSE during the day.
"The Board of Directors at its meeting has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company," Usha Martin said in a regulatory filing yesterday.
This is not the first time the company has made an announcement related to plans for selling its steel business.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)