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Jindal Saw cheers Rajasthan deal, scrip climbs 7%

The pipes manufacturer had on Tuesday announced a lease agreement with the  Rajasthan government to mine iron ore for 30 years from a deposit in the state.

twitter-logoPTI | January 5, 2011 | Updated 11:12 IST

Jindal Saw on Wednesday surged nearly seven per cent in the early trade on the Bombay Stock Exchange, after the OP Jindal group firm on Tuesday inked a lease pact with the Rajasthan government for mining iron ore in the state.

The pipes manufacturer had on Tuesday announced a lease agreement with the Rajasthan government to mine iron ore for 30 years from a deposit containing an estimated 180 million tonnes of resources.

Buoyed by the development, shares of Jindal Saw started the day on a robust note and jumped 6.83 per cent to touch a month-high of Rs 208 a piece on the Bombay Stock Exchange.

The scrip witnessed a similar upside on the National Stock Exchange and gained 6.66 per cent to quote at Rs 208 in the morning session.

Rise in the Jindal Saw counter was significant, as the broader market was subdued, with the 30-share benchmark Sensex trading weak at 20,402.45, down 96.27 points at 10.27 am.

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