As soon as the news of the domestic steel maker entering into a stake sales deal with the UK based Stemcor hit the markets, the share price of the company started to move northwards.

In fact, the share price of the company filed a jump of close to 5% while a similar jump was registered on the NSE as well, wherein the share cruised by 4.9% standing at Rs. 21.35 in the morning trading session.

It is to be mentioned here that the domestic steel maker has recently entered into an agreement with Stemcor under which the company will be shedding close to 10% of its stake in the company.

Moreover, the company also said that it will be looking at the route of preferential allotment to the UK based company. Analysts are of a view that the move will also help the company to get a hold on its rising debts.

While the amount targeted to be raised via this activity is still not know, but it may be noted here that the company has a current annual production capacity of close to 3.3 million tonnes.