Murli Inds stock up on Cemex buyout bid

Shares of Nagpur-based Murli Industries were up 20 per cent today on news that the world's third-largest producer of cement, Cemex, was in talks to buy it.

The stock hit an intra-day high of Rs 93.95 and a low of Rs 88 after opening at Rs 90 today.

Murli has a 3-million-tonne plant in Maharashtra, with plans to set up two more.

The investment-banking unit of brokerage Motilal Oswal is advising Murli Industries along with Macquarie Capital, while Bank of America-Merrill Lynch is said to be advising Cemex.