Kalyani Steel shares surge 9% on 6,626 crore MoU with Odisha govt [Video]

Kalyani Steel on Friday signed a memorandum of understanding (MoU) with the Odisha government through which it will invest ₹11,750 crore for setting up manufacturing plants in the state.

Following the development, the stock of Kalyani Steel spiked nearly 9% to hit an intra-day high of ₹889 apiece on NSE. At 2:10 pm, the scrip was trading 5.53% higher at ₹864.90.

The iron and steel forging company will invest ₹6,626 crore in 0.7 MTPA manufacturing complex for steel and auto parts.

“This is to inform you that the company has signed a Memorandum of Understanding (MOU) with the Government of Odisha today i.e. on February 23, 2024, expressing an intent to setup a 0.7 MTPA Integrated Advanced Specialty Steel and Automotive Components Manufacturing Complex with an estimated investment of ₹6,626 crore,” it said in a filing.

It will invest another ₹5,124 crore in aero, defence parts plant.

“Phase 1 of Integrated Titanium Metal / Alloy and Aerospace and Defense …