Bajaj Hindustan erased its gains following news of the deal being called off. The stock ended absolutely flat at Rs 197. The counter witnessed trades of over 3.70 million shares.
Balrampur Chini Mills crashed 11.5% to a low of Rs 132 and finally ended near its low at Rs 134. Around 4.17 million shares changed hands at the counters today.
_________________________________________________ (Updated at 1020 hrs)
Bajaj Hindustan has soared in trades today on talks of acquiring stake in competitor, Balrampur Chini. However, Balrampur has slipped as a reaction.
Bajaj Hindustan is in talks with Balrampur Chini Mills to acquire a 36.67% stake of the current promoters. Vivek Saraogi-promoted Balrampur Chini owns 10 sugar mills, all located in east Uttar Pradesh (UP). Bajaj Hindusthan group runs 16 sugar mills, all of which are located in UP.
Although the managements of both companies denied the development, industry sources confirmed that the two promoters have been in discussions to finalise a deal.
Bajaj Hindustan opened at Rs 199 and slipped to a low of Rs 195. Thereafter it zoomed 11% to a high of Rs 217. The stock is now up 10% at Rs 216. Over 819,879 stocks have been traded so far on the BSE.
Balrampur Chini slipped 7% to a low of Rs 138 after opening at Rs 147. The stock is now down 6.7% at Rs 139. The counter has clocked a volume of 879,260 stocks so far.
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