Malco rises on buyout proposal

Shares of Madras Aluminum Company (Malco) hit the upper circuit of 4.97 per cent and stayed there to close the day at Rs 59.15 on a proposal from Twinstar Holdings (holds 80 per cent in Malco) to buyout the 20 per cent residual stake. Malco has posted a net loss of Rs 7.13 crore in Q3 FY09 vis-à-vis a net profit of Rs 14.72 crore for the same period, last year. The stock made an intraday high of Rs 32.6 and a low of Rs 29.4 with trading volumes of 9,047 shares.