The announcement was made after market hours on Tuesday, 1 June 2010.

Meanwhile, the BSE Sensex was up 62.58 points, or 0.38%, to 16,634.61.

On BSE, 1.90 lakh shares were traded in the counter as against an average daily volume of 7.34 lakh shares in the past one quarter.

The stock hit a high of Rs 40.60 and a low of Rs 39.15 so far during the day. The stock had hit a 52-week high of Rs 51.15 on 7 April 2010 and a 52-week low of Rs 13.65 on 13 July 2009.

The stock had underperformed the market over the past one month till 1 June 2010, falling 18.01% compared with the Sensex's 5.62% decline. It outperformed the market in past one quarter, gaining 42.28% as against 0.87% rise in the Sensex.

The small-cap steel and cast iron products maker has an equity capital of Rs 236.66 crore. Face value per share is Rs 10.

As per the scheme of arrangement, Jayaswal Neco Industries will issue 3 equity shares for two shares held in unlisted Corporate Ispat Alloys.

Jayaswal Neco Industries reported a net profit of Rs 19.94 crore in Q4 March 2010 as against a net loss of Rs 32.01 crore in Q4 March 2009. Net sales rose 14.1% to Rs 474.09 crore in Q4 March 2010 over Q4 March 2009.