Shares of Indian Metals and Ferro Alloys Ltd. (IMFA) gained nearly 4% on Tuesday, November 4, after the company said its board of directors has approved the acquisition of Tata Steel's fero alloys plant at Kalinganagar, Odisha. However, the stock gave up those gains soon after to trade in the red.

The acquisition value is worth ₹610 crore in addition to the GST component and the value of net working capital. The transaction is expected to be completed in three to six months.

IMFA said the acquisition is in line with its strategy to drive the next phase of growth in its ferro alloys business by expanding capacity.

The locational advantage and cost synergies due to proximity to company's captive mines and upcoming greenfield project in Kalinganagar will augment the its ability to cater

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