HSIL hits new high, zooms 24% in two days on building products biz spin-off

The cash proceeds of Rs 630 crore will be utilized towards the pre-payment of existing bank borrowings, which will further strengthen the HSIL balance sheet.

Shares of HSIL hit a new high of Rs 288.70, up 8 per cent in Tuesday’s intra-day trade. The stock has rallied 24 per cent in two days on the BSE after the company announced divesting its building products division for Rs 630 crore.

At 11:20 am, the stock was up 6 per cent, as compared to a 0.31 per cent decline in the S&P BSE Sensex. The trading volumes on the counter more-than-doubled with a combined 1.4 million shares having changed hands on the NSE and BSE. In the past one month, the stock has zoomed 47 per