Century Textiles, Mangalam Cement surge after promoter release pledge shares

Mangalam Cement surged 10% to Rs 216, while Century Textiles up 5% to Rs 512 on the BSE in intra-day trade.

Shares of Century Textiles & Industries and Mangalam Cement, both BK Birla Group companies, have rallied by up to 10% after these companies announced that its promoters released entire pledge shares lying with the Axis Bank.

Mangalam Cement has surged 10% to Rs 216 on the BSE in intra-day trade after the company said Kesoram Industries released 3.82 million shares representing 14.31% of total shares capital on March 14, lying with Axis Bank.

Century Textiles & Industries in another regulatory filing said Kesoram Industries released 2.75 million equity shares or 2.71% of total equity on March 14, lying with Axis Bank.

At 12:53 PM, shares of Century Textiles were trading 5% higher at Rs 509, after hitting high of Rs 512 on the BSE in intra-day trade.

Kesoram Industries was up 3% at Rs 88.80 on the BSE. The stock hit an intra-day high of Rs 90.80 so far.