Kalyani Steels shares soar to 52-week high; what is keeping investors hooked?

Kalyani Steels share price, Kalyani Steels news: Kalyani Steels shares soared to a 52-week high on Thursday after the iron and steel product manufacturer emerged a successful bidder for the acquisition of the assets of Kamineni Steel & Power India. The stock of Kalyani Steels zoomed by as much as Rs 59.3, or 11.4 per cent, to Rs 579 apiece on NSE, surpassing an existing 52-week peak of Rs 568.9 touched last week.  

Kalyani Steels shares were up nine per cent at Rs 566.3 apiece on the bourse at the last count, rising for a second straight session. The acquisition of assets is to be completed on or before May 7, 2024, the company said in a regulatory filing post-market hours on Wednesday. 

Here are a few important details about the acquisition: 

Objects and effects: 

The acquisition of assets is carried out in accordance with invitation for sale of assets through e-auction, under Insolvency and Bankruptcy Code 2016, according to the filing. 

Name of the target entity: 

No entity is acquired; only assets are being acquired. 

What does Kalyani Steels do? 

Established in February 1973 in Pune, as a part of the Kalyani Group, Kalyani Steels is a manufacturer of forging, and engineering quality carbon and alloy steels using the blast furnace route.