The stock zoomed as much as 20% to Rs.16.38 - its highest trading permissible limit - for the day on BSE. The Visa Steel Ltd stock zoomed 20% to Rs.16.38—its highest trading permissible limit—for the day on BSEMumbai: Shares of Visa Steel Ltd (VSL) on Friday surged as much as 20% after the company said it will seek shareholders’ approval for the merger of its JV firm Visa Bao Ltd (VBL) in an attempt to optimise costs and secure availability of resources for its ferrochrome business. VBL is a joint venture between VSL and Baosteel of China, with VSL holding 65% stake. The firm will hold a postal ballot soon to seek shareholders’ approval for the proposal and the results are expected next month. In order to have sustainable growth, it is necessary for any ferrochrome producer to have captive chrome ore mine or a captive power plant, if not both, VSL had said in a regulatory filing on Thursday.

Source: Mint June 10, 2016 09:10 UTC