JSW Steel Ltd updates on acquisition of business from Welspun Corp Ltd equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
On acquisition of high-grade steel plates and coils businessJSW Steel has acquired the high-grade steel plates and coils business of Welspun Corp on slump sale basis. Towards this acquisition, the company has paid Rs 225 crore to Welspun Corp as on 30 April 2021. The balance consideration, which is subject to closing adjustments towards net working capital, shall be paid on a deferred basis, subject to Welspun fulfilling certain regulatory approvals and payment milestones as provided under the Business Transfer Agreement dated 31 March 2019, as amended from time to time.
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Metal stocks were on roll on the National Stock Exchange (NSE) on Tuesday with National Aluminium Company, Hindalco, Welspun Corp, Adani Enterprises, and Tata Steel rallying up to 6 per cent. The Nifty Metal index, meanwhile, surged 4.6 per cent to 4,654.5 levels in the intra-day deals and was the top performing index on the NSE. In contrast, the benchmark Nifty was up 0.7 per cent at 11:40 AM. In the past two months, the index has rallied 19 per cent at the bourses as against a 0.03 per cent decline in the Nifty50 index. Individually, Hindalco rose 6.2 per cent, Nalco (6 per cent), Adani Enterprises (3.4 per cent), and Welspun Corp (3 per cent). That apart, APL Apollo, Vedanta, Tata Steel, NMDC, and Ratnamani Metals and Tubes were up between 1.4 per cent and 3.4 per cent. SAIL, JSPL, Jindal Steel, Moil, and Hindustan Zinc added up to 1 per cent.
Read more about Barometers further pare losses; metal stocks shine on Business Standard. Key equity indices further pared losses in mid-morning trade. Metal stocks advanced for the second day. The Nifty was trading above the 14,250 mark. A steep surge in COVID-19 infections in the country weighed on the sentiment.
The key equity barometers were trading with steep losses in mid-afternoon trade. Metal shares witnessed some bit of profit taking after a three-day winning streak. At 14:23 IST, the barometer index, the S&P BSE Sensex, dropped 934.04 points or 1.91% to 47,897.99. The Nifty 50 index tumbled 284.55 points or 1.95% to 14,333.30.
A spike in domestic coronavirus cases and localized lockdown being announced by various state governments dented investors sentiment.
In the broader market, the S&P BSE Mid-Cap index lost 1.77%. The S&P BSE Small-Cap index declined 1.49%.
Sellers outnumbered buyers. On the BSE, 690 shares rose and 2206 shares fell. A total of 199 shares were unchanged.
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