Shareholders' move pushes GACL up

DALAL STREET SPIKES

The stock of Gujarat Alkalies and Chemicals (GACL) spurted 10.75 per cent to close at Rs 80. 35 on the Bombay Stock Exchange (BSE) on reports that its shareholders have blocked the Gujarat government's demand to contribute a large part of the company's profits to various social projects.

As per reports, shareholders of GACL, through a postal ballot, defeated the special resolution for charity contributions from company profits. The Gujarat government had asked state PSUs to contribute 30 per cent of their pre-tax profit to charity as a part of corporate social responsibility.