Jindal Steel and Power has moved up 4.4% to Rs 597 on reports that the company plans to spend $300 million (approx Rs 1,500 crore) in developing new and existing mines in Africa.

India's biggest producer of the alloy by market value is planning to raise its capacity to 10 metric tonnes over the next few years, the report suggests.

The move is part of the company's strategy to source coal assets abroad to meet raw material demand of its steel and power plants at home.

The stock opened at Rs 577 and touched high of Rs 600 on the National Stock Exchange. A total 1.13 million shares have changed hands on the counter so far on both the exchange