Mafatlal Industries surges on heavy volumes

Mafatlal Ind surged 15% to Rs 359, while Nocil soared 8% to Rs 60 and Navin Fluorine by 6% to Rs 2,436 on the BSE in intra-day trade.

Shares of Mafatlal Group companies such as Mafatlal Industries, Navin Fluorine International and Nocil have rallied up to 15% in intra-day trade on the BSE on the back of heavy volumes.

Mafatlal Industries surged 15% to Rs 359 on the BSE in intra-day trade. At 09:15 am, around 3.12 million equity shares representing 2.35% of total equity changed hands on the counter.

Nocil soared 8% to Rs 59.80, after 3.16 million shares accounting 1.96% holding of the company changed hands in opening deal. Navin Fluorine International gained nearly 6% to Rs 2,436 on the BSE in intra-day trade.

On August 6, these three companies informed the stock exchanges Hrishikesh Arvind Mafatlal, Vishad Padmanabh Mafatlal, their family members and family companies, as also Mafatlal Industries (MIL), Nocil and Navin Fluorine International (NFIL) of the Arvind Mafatlal Group have entered into an agreement to amicably restructure the shareholding of the three listed companies and other group companies, such that the management of MIL and Nocil resides with Hrishikesh Mafatlal and that of NFIL resides with Vishad Mafatlal.

The restructuring is part of a family settlement and succession plan between Hrishikesh Mafatlal and Vishad Mafatlal.

The restructuring will enable each of the core promoters to concentrate on the companies under their respective folds, by providing focused strategic direction and managerial attention, so as to prepare these companies for the next phase of their growth.

On completion of restructuring of the shareholding, Hrishikesh Mafatlal will step aside as chairman and director of NFIL. Hrishikesh Mafatlal will remain as the chairman of MIL and Nocil.  Vishad Mafatlal will step aside from his directorships in these two companies.