Gwalior Chem rises 4% on unit sale

The Gwalior Chemical Industries scrip rose 4.17 per cent to Rs 107.30 on the sale of its Nagda chemical unit to German chemicals manufacturer Lanxess for Rs 536 crore. The company plans to use the proceeds of the sale towards its power generation business and for the manufacture of high-value specialty chemicals at Ankleshwar.

The stock opened at Rs 107.45 and made an intra-day high of Rs 108.15 and low of Rs 97.90. A total of 15.2 lakh shares changed hands on Monday’s trade. The scrip made a 52-week high of Rs 127.9 and a low of Rs 34.6.