India's ISMT jumps as Kirloskar Ferrous buys majority stake

ISMT

26/11/2021 04:36

** Shares of seamless tube maker  ISMT.NS  rise as much as
4.9% to five-week high of 35.45 rupees, locked in upper circuit
    ** Castings and pig iron maker Kirloskar Ferrous Industries
 KRFI.NS  said on Thursday it will buy a 51.25% stake in ISMT
for 4.77 bln rupees ($63.94 mln)
    ** Kirloskar also started open offer to buy up to 25.05% of
voting capital in ISMT
    ** Kirloskar shares rise as much as 3.3% before falling 2.6%
    ** ISMT stock up ~193% YTD up to last close, while Kirloskar
is up ~68%

($1 = 74.6050 Indian rupees)