JSPL stock surges most in 7 yrs; zooms nearly 29%

Shares of Jindal Steel and Power Ltd zoomed nearly 29 per cent on Thursday, adding Rs 3,642 crore to its market valuation, after its unit Jindal Power bagged two coal mines in Chhattisgarh for an estimated Rs 1,679 crore.

JSPL's scrip skyrocketed 25.59 per cent to end the day at Rs 195.30 on the BSE-its sharpest gain since October 31, 2007. During the day, it surged 29.13 per cent to Rs 200.80.

On the NSE, it soared 28.61 per cent to settle at Rs 199.80.

The stock was the biggest gainer across the board on the BSE as well as the NSE.

Led by the sharp rally in the stock, the company's market value rose by Rs 3,642.07 crore to Rs 17,868.07 crore.

On the volume front, 108.10 lakh shares of the company changed hands on the BSE and over 6 crore shares were traded on the NSE during the day.

Shares of other metal companies also attracted buying.

Sesa Sterlite Ltd rose by 6.95 per cent, JSW Steel Ltd was up 6.51 per cent, Tata Steel (2.29 per cent) and SAIL (2.75 per cent).

The cumulative market valuation of these companies including JSPL surged Rs 11,998.44 crore.

The BSE metal index gained 3.82 per cent to settle at 10,695.22.

The government is auctioning the coal blocks after the Supreme Court cancelled allocation of 204 mines in September last year. It has put 19 mines on block in the first tranche.

In the stock market, the BSE index, Sensex, ended at 29,462.27, up 142.01 points.