Monnet Ispat up 13% to one month high

Monnet Ispat jumped over 13 per cent in early trade on BSE.

Monnet Ispat jumped over 13 per cent in early trade on BSE to a one-month high,a day after US-based Blackstone Group bought a 12.5 per cent stake in its subsidiary Monnet Power Company (MPCL) for Rs 275 crore.

Shares of Monnet Ispat rose 13.44 per cent to Rs 456 on Bombay Stock Exchange. Later,the scrip was trading at Rs 436.90,up 8.70 per cent,at 0921 hrs.

MPCL is a subsidiary of steel-maker Monnet Ispat and Energy and is currently in the process of developing a 1,050 MW,coal-fired power plant in Orissa.

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This deal with Blackstone Group,an alternative asset management and financial services company,has valued MPCL at Rs 2,200 crore.

Shares of Monnet Ispat showed a similar strength on National Stock Exchange and climbed to Rs 435.25,up 8.06 per cent,from previous close.

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