JSW Steel surges 8% on BSE

Shares of JSW Steel on Monday zoomed over eight per cent on the Bombay Stock Exchange, boosted by the company's announcement to raise Rs 462 crore through issuance of securities to Japan's JFE Steel Corporation.

The scrip, which opened on a smart note, maintained its strength throughout the day and climbed 8.22 per cent to settle at Rs 1,129.50 on BSE. During the day, the stock had advanced 8.91 per cent to touch its intra-day peak of Rs 1,136.70.

"The Finance Committee, a sub-committee of the board of directors of the company, at its meeting decided to open on December 13, the issuance of 3,085,814 GDRs to JFE Corporation, Japan, on a preferential basis," the company said in a filing to BSE.

Buying was also seen at JSW's counter on the National Stock Exchange, where the scrip closed at Rs 1,126, up 8.21 per cent from the previous close.

In terms of volume, over 22 lakh shares of the company were traded on the two bourses.

JFE, at present holds 14.61 per cent stake in the Sajjan Jindal-led firm. Each GDR would be priced at Rs 1,500, valuing the total issue at around Rs 462 crore.

Besides, other metal counters dominated the broader market's performance, including Hindalco, which soared 3.14 per cent, Tata Steel went up 2.05 per cent and SAIL rose 2.58 per cent.

Led by gains in these stocks, the BSE metal index closed the day at 16,327.38, up 336.10 points, or 2.10 per cent.