Orissa Sponge hits upper circuit again

MUMBAI: Shares of Orissa Sponge were locked at 5% upper circuit at Rs 342.8 on Tuesday. The scrip touched an intra-day high of Rs 342.8 and low of Rs 342 on volumes of over 11 lakh shares on BSE against its two week average of 2.8 lakh shares.

The company was in the lime light in the past one week. The three-way battle for control of Orissa Sponge Iron has taken an interesting turn with the various parties involved trading charges of violation of takeover norms and on the promoters of Orissa Sponge.

The Bhubaneshwar-based Orissa Sponge has seen open offers made by Bhushan Power, Monnet Ispat and Bhushan Steel in their effort to increase shareholding in the company, which has captive iron ore and coal mines.

The stock which was trading at Rs 142 a month ago is now trading at Rs 324, gaining more than 40% and hitting upper circuits almost every day in the past two weeks.