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Electrotherm soars on pipe division sale buzz

SI Reporter  |  Mumbai 

Electrotherm (India) Ltd has surged 10% on the National Stock Exchange (NSE) to Rs 134.3 on reports that France-based Saint Gobain is in talks to acquire the pipe division of the company for around Rs 300-350 crore. The French firm already has a presence in float glass business segment in India.

Meanwhile, the company expects to produce 100 units of its newly developed continuous casting machine (CCM) next year. According to company executive director Suneel Kulkarni, 20 projects based on the machine are already underway, and around 30 more would be completed by the end of the year.

The stock opened at Rs 125.10 and touched a high of Rs 139 in intraday deals. As many as 101,407 shares have been traded till 1105 hours.

First Published: Wed, September 14 2011. 11:55 IST