JSW Steel, Heidelberg Cem up on Raigad unit sale completion

Moneycontrol Bureau

Shares of JSW Steel and Heidelberg Cement India rally intraday on Monday as the companies complete sale and transfer of its cement grinding facility at Raigad to JSW Steel. 

“The company has completed the sale and transfer of its cement grinding facility at Raigad, Maharashtra to JSW Steel, as a going concern on slump sale basis in accordance with business transfer agreement executed between the company and JSW Steel Limited on October 05, 2013. The aforesaid sale and transfer will take effect from the end of business hours today i.e. January 03, 2014,” Heidelberg Cement said in a statement.

JSW Steel touched a 52-week high of Rs 1,041.30 and was at Rs 1,034.50, up Rs 40.55, or 4.08 percent on the BSE at 11:50 hrs. HeidelbergCement India was at Rs 40.05, up Rs 0.55, or 1.39 percent on the BSE.