Mahindra Ugine jumps 11% on JV with Sanyo Steel

Mahindra Ugine Steel Company jumped on Friday after it formed a new joint venture company, Mahindra Sanyo Special Steel. Sanyo has invested about Rs 1.29 billion for its 29% stake, while Mitsui infused approximately Rs 890 million for its 20% stake in Navyug Steel, the joint venture company. Mahindra Ugine Steel holds 51% stake of equity in Navyug Steel.Shares of the company are trading at Rs 54.40, up Rs 5.6, or 11.48% at the Bombay Stock Exchange (BSE) on Friday at 11:07 a.m.The scrip has touched an intra-day high of Rs 58.50 and low of Rs 52.40. The total volume of shares traded at the BSE is 92,489.In the earlier session, the shares gained 2.95%, or Rs 1.4, at Rs 48.80. Currently, the stock is trading down 18.5% from its 52-week high of Rs 66.75 and above 28.76% over the 52-week low of Rs 42.25.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 48.45 0.35 0.72 1 Month 47.15 1.65 3.50 3 Months 48.95 (0.15) (0.31) 6 Months 54.60 (5.80) (10.62) 1 Year 49.20 (0.40) (0.81) Note: Based on previous day closing price.