Shares of JSW
Steel jumped nearly 8% to hit a 52-week high of Rs 395.40 per share in intra-day trade on Wednesday in the National Stock Exchange
(NSE) in an otherwise flat market, as the company was included in the benchmark Nifty 50
index. It will be replacing pharma company Lupin on September 28, 2018.
At 11:54 am, JSW
Steel was trading at Rs 391.85, up 7% on the NSE.
In comparison, the benchmark Nifty 50
index was at 11,728, down 0.1%.
The inclusion of JSW
Steel is expected to boost the steelmaker’s stock, given that several exchange-traded funds (ETFs) track the Nifty index. Shares of JSW Steel have already climbed 40 percent in 2018 so far.
The stock has hit a low of Rs 370 on the NSE
so far in intra-day trade.