New Delhi, March 25 -- Shares of BMW Industries, a leading manufacturer in the downstream steel sector, jumped 10% in intraday trade on Tuesday, March 25, hitting a 2-week high of Rs.49.51 apiece. This came after the company, in an exchange filing on Monday, announced that it had signed a Memorandum of Understanding (MoU) with the Ministry of Steel under the Production Linked Incentive (PLI) Scheme 1.1 for specialty steel.

"As a qualified beneficiary of the PLI scheme, BMWIL will manufacture 'Coated/Plated Steel Products of Metallic/Non-Metallic alloy' and 'Al-Zn Coated (Galvalume)' products at its upcoming Greenfield Downstream Steel Complex in Bokaro, Jharkhand," the company stated.

Commenting on the development, Mr Harsh Bansal, Mana...