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It's up, up and away for Monnet Ispat

It's up, up and away for Monnet Ispat
Stock Market1 min read

Sponge Iron maker Monnet Ispat and Energy was among the volume buzzers and jumped limit up 20 percent on news that it would divest a controlling stake in its power generation arm in a bid to cut debt.

Monnet Ispat surged 7.15 rupees to 42.90 rupees on the National Stock Exchange. The stock has fallen 72 percent over one year as it had a huge outstanding debt of 10,737 crore rupees at the end of March 2014

Monnet signed a pact with JSW Energy to sell its 1,050 MW power plant, still under construction, in Odisha. The thermal plant, under Monnet Power Company, is located in a coal-rich area and has 2 units each worth 525 megawatts. Shares of JSW Energy fell 0.6 percent to 98.75 rupees on the NSE, post the deal's announcement.

(Image credits: coalscam)

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