Rain Calcining surges on US buy

DALAL STREET SPIKES

The share price of Rain Calcining spurted with high volume of 2.47 lakh shares on its acquisition announcement. The stock opened at Rs 40 , hit the upper circuit of 20 per cent and closed at Rs 42.50.

The company, through its subsidiary CII Holdings Inc, will acquire all the outstanding equity of CII Carbon, for $595 million. CII is the world's second largest producer of Calcined Petroleum Coke ("CPC").