Shares of Kalyani Steels Limited witnessed a remarkable surge of over 11%, reaching Rs 579 in early trade on January 11.
The surge follows the company’s declaration as the successful bidder for acquiring assets from Kamineni Steel & Power India Private Ltd. The acquisition was conducted through an e-auction platform under the Insolvency and Bankruptcy Code, 2016, as revealed in a regulatory filing on January 10.
Trading at ₹564.50 at 9:50 am, the stock displayed an impressive 8.61% increase from the previous close on the NSE. Over the past year, Kalyani Steels Limited has demonstrated substantial growth, with the stock gaining 56% on the exchanges.
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