Century Textiles and Industries surged 4% to Rs 316 on buzz of demerger of cement business into UltraTech Cement.
“Kumar Mangalam Birla has agreed to go ahead with the long-awaited merger of the cement business of Century Textiles, owned by his grandfather BK Birla, with UltraTech. The merger process had started and the deal was likely to be inked in a few months,” reports suggest.
Century Textiles stock opened at Rs 306 and hit a high of Rs 319 on the Bombay Stock Exchange (BSE). A combined 456,910 equity shares have changed hands on the counter till 1018 hours. UltraTech Cement, on the other hand, is trading lower by 1% at Rs 1,124 on the BSE.