It's up, up and away for Monnet Ispat

Sponge Iron maker Monnet Ispat and Energy was among the volume buzzers and jumped limit up 20 percent on news that it would divest a controlling stake in its power generation arm in a bid to cut debt.

Monnet Ispat surged 7.15 rupees to 42.90 rupees on the National Stock Exchange. The stock has fallen 72 percent over one year as it had a huge outstanding debt of 10,737 crore rupees at the end of March 2014

Monnet signed a pact with JSW Energy to sell its 1,050 MW power plant, still under construction, in Odisha. The thermal plant, under Monnet Power Company, is located in a coal-rich area and has 2 units each worth 525 megawatts. Shares of JSW Energy fell 0.6 percent to 98.75 rupees on the NSE, post the deal's announcement.

(Image credits: coalscam)