Ispat Industries rises on takeover reports

Shares of Ispat Industries rose more than 10 percent on newspaper reports steel companies such as Tata, Jindal and JSW are bidding for the ailing company, three dealers said. The Economic Times reported on the weekend that Tata Steel is planning to bid for Ispat Industries.

Earlier in the last week, Business Standard reported JSW Steel and Jindal Steel were the strong contenders for the steelmaker, citing sources familiar with the deal. At 10:35 a.m., the stock was up 8.43 percent at 24.45 rupees.