Tata Sponge up ~2% on getting CCI nod to acquire Usha Martin’s steel business

This acquisition will mark TSIL’s entry into the steel business.

Dec 12, 2018 04:12 IST India Infoline News Service

Shares of Tata Sponge rose ~2% in early morning trade on Wednesday on getting a green signal from CCI to acquire Usha Martin’s steel business. Read more.

Shares of Usha Martin also surged 6% in the morning trade.

The CCI in a tweet on Tuesday said it "CCI approves acquisition of steel division of Usha Martin Limited by Tata Sponge Iron Limited." The deal is valued at ~Rs4,300-4,700cr.

Tata Sponge Iron Ltd is currently trading at Rs758 up by Rs11.35 or 1.52% from its previous closing of Rs746.65 on the BSE.

The scrip opened at Rs755.95 and has touched a high and low of Rs769 and Rs755.95 respectively. So far 41,870 (NSE+BSE) shares were traded on the counter. 

Usha Martin Ltd is currently trading at Rs38.65 up by Rs2.5 or 6.92% from its previous closing of Rs36.15 on the BSE.

The scrip opened at Rs38.15 and has touched a high and low of Rs38.85 and Rs37.70 respectively. So far 5,96,082 (NSE+BSE) shares were traded on the counter.

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