SAIL SCRIP firms up 5% on plans to modernise & expand ops

Shares of steel major SAIL on Thursday ended with nearly 5 per cent gains after the company said it will press ahead with its modernisation programme and augment capacity in the current fiscal. The stock ended the day 4.84 per cent higher at Rs 48.75 on BSE. Intra-day, it surged 6.45 per cent to Rs 49.50.

At the NSE, SAIL shares gained 4.83 per cent to Rs 49.65. The company’s market valuation rose by Rs 928.1 crore to Rs 20,134.10 crore.

In terms of volume, 7.93 lakh shares of the company changed hands at BSE and over 30 lakh shares 

were traded at the NSE during the day. SAIL said on Wednesday that it will spend Rs 7,500 crore on modernisation and expansion programme in the current fiscal ending March 2016.