Kalyani Steel shining bright
By
Research Desk
about 11 years ago
Kalyani Steel had hit a new 52-week low yesterday at Rs.38.20 and today it has done a complete turn around and is currently up over 3% at Rs.41.10. Its 52-week high stands at Rs.66.40.
The stock is up on news that MNC, Gerdau has acquired the remaining stake in JV at its first plant at Andhra Pradesh for an undisclosed sum. Post this, the venture is also being renamed from Kalyani Gerdau to Gerdau.
Gerdau had formed a JV with Kalyani Steel to acquire SJK Steel Planty in 2007, with a 45% stake. Over the years, Gerdau has been hiking its stake through capital investments and how holds 99.5% stake in the venture.