Sandur Manganese hits new high

In a market streaked in deep red, Sandur Manganese seems to be holding its steed. The stock is up almost 10.5% at Rs.554 and this is after having hit a new 52-week high at Rs.578.90. Its market cap stands at Rs.484 crore.

The stock has hit a high on unconfirmed news, through an investment banker quoted in  a business newspaper that JSW is in talks to buy a significant stake of the promoter in Sandur Manganese at a considerable premium to its current market price. Promoters hold 74.15% stake. For JSW this is a strategic buy as it will now help the company secure supply of iron ores and  cut logistics costs. Sandur had indicated previously that it was open to the idea of stake sale and JSW is already one of its large buyers.