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Shares of special steel and wire rope maker Usha Martin Ltd jumped as much as 10.2 per cent to Rs 39.95, their highest since December 4 as the Competition Commission of India had on Tuesday approved the acquisition of the company’s steel division by Tata Sponge Iron Ltd.
Tata Sponge Iron's parent company, Tata Steel Ltd, had said in September that it would buy Usha Martin's steel business through a slump sale on a going concern basis for between Rs 4,300 crore and Rs 4,700 crore.
Usha Martin's stock posted biggest intraday percentage gain since November 5. More than 835,600 shares changed hands compared with 30-day average volume of around 2.2 million.
Tata Sponge Iron's shares rose as much as 1.8 per cent, while Tata Steel climbed 3.8 per cent. Usha Martin's stock had gained 46.2 per cent this year as of last close, while Tata Sponge had fallen 24.4 per cent in the same period.
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