Monnet Ispat rises 7% after takeover talks by SAIL
DSIJ Intelligence / 21 Jun 2017
Monnet Ispat and Energy Limited is engaged in the business of conducting coal mining operations and manufacturing coal-based sponge iron and various other steel/iron-based products.
Monnet Ispat & Energy Limited on Wednesday’s trading session is rallying on the bourses as there are talks of takeover of the debt-burdened company by public sector Steel Authority of India Ltd (SAIL).
Monnet Ispat and Energy Limited is engaged in the business of conducting coal mining operations and manufacturing coal-based sponge iron and various other steel/iron-based products. The company operates through three segments: iron & steel, power and others.
However, Steel Minister Chaudhary Birender Singh has denied any such likelihoods. In the previous two trading session, the share of the company has surged nearly 25% and is up by 7.7% at Rs 38.15 per share on Wednesday.
The stock of the company has delivered a return of 56% in a period of one year and has outperformed the BSE Small cap and BSE Metal indices over the same time span.
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