Bloomberg reported that Ramsarup Industries Ltd rose the most in almost three years in Mumbai after the Business Standard newspaper said that ArcelorMittal may buy a stake in the company.

As per report the company’s shares jumped by 11% to INR 81 at the 3:30 PM. The stock surged by 19% to INR 86.9 in intraday trading, the most since July 10th 2007. The benchmark Sensitive Index rose for a seventh day, gaining 0.9%.

Earlier report said that Ramsarup which has two iron ore leases in Orissa is in talks to sell a stake to overseas companies, including ArcelorMittal. The two mines have reserves of 7.1 million tonnes and 45 million tonnes respectively adding that production may start in April next year.

(Sourced from Bloomberg)