Morgan Stanley Asia (Singapore) has bought 6,742,975 shares of pipe maker Jindal Saw in an open market transaction on December 31, 2012. The foreign fund house has purchased the shares on National Stock Exchange (NSE) at about Rs 125.65 a piece valuing the deal at around Rs 85 crore.
Jindal SAW is in a commanding position in India's tubular market, being the undisputed leader with a turnover in excess of Rs 7,000 crore. The business operations are highly structured with three strategic business units: large diameter pipes, seamless tubes, and DI (ductile iron) pipes. Every SBU has its own dedicated sales and marketing targets and operations.
