Clariant Chemicals jumps after selling land

Clariant Chemicals (India) jumped 6.33% to Rs 701.80 at 13:23 IST on BSE after the company said it has sold its land in Thane to a unit of Lodha Developers for Rs 1154.25 crore.

The company made the announcement during trading hours today, 15 April 2014.

Meanwhile, the BSE Sensex was down 182.31points, or 0.81%, to 22,446.65.

On BSE, so far 1.20 lakh shares were traded in the counter, compared with an average volume of 7,351 shares in the past one quarter.

The stock hit a high of Rs 741.90 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 662 so far during the day. The stock hit a 52-week low of Rs 371.10 on 28 June 2013.

The stock had outperformed the market over the past one month till 11 April 2014, rising 8.57% compared with the Sensex's 3.68% rise. The scrip had also outperformed the market in past one quarter, rising 9.04% as against Sensex's 9.01% rise.

The small-cap company has an equity capital of Rs 26.66 crore. Face value per share is Rs 10.

Clariant Chemicals (India) announced that it has entered into an agreement to sell its land located in Kolshet, Thane aggregating to about 87 acres to Ishwer Realty and Technologies (a subsidiary of Lodha Developers) for an aggregate consideration of Rs 1154.25 crore.

The transaction is subject to customary closing conditions and is subject to relevant approvals and permissions from the Government and other Statutory Bodies, as may be necessary, the company said in a statement.

Clariant Chemicals (India) reported a net loss of Rs 6.10 crore in Q4 December 2013 as against net profit of Rs 22.05 crore in Q4 December 2012. Net sales declined 4.3% to Rs 270.53 crore in Q4 December 2013 over Q4 December 2012.

Clariant Chemicals (India) is a specialty chemicals company.

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