Shares of Tata Chemicals rose by nearly 4 per cent today amid reports that the company is mulling to sell its fertiliser business.
The stock ended the day 3.77 per cent higher at Rs 436.75 on the BSE. During the day, it gained 5.17 per cent to Rs 442.70.
At the NSE, shares of the company rose by 3.84 per cent to Rs 437.10.
Tata Chemicals' market value rose by Rs 404.48 crore to Rs 11,126.48 crore.
"Tata Chemicals gained more than 5 per cent intra-day on market reports that the group is willing to hive off and sell its fertiliser business," said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio Ltd.
According to media reports, Tata Chemicals (TCL) has asked Kotak Mahindra Bank to help find strategic buyers for the business at a valuation of close to a billion dollars.
In a clarification to the BSE, the company said, "In the ordinary course of our business, we routinely assess the performance of our businesses and the relevant market conditions, including evaluating growth and restructuring opportunities.
"As such, we would like to state that at present there are no developments that would trigger Clause 36 of the listing agreement. In the event that there is any development that requires disclosure under clause 36 of the listing agreement, we will make the same in accordance with regulatory requirements."
Meanwhile, in the stock market the BSE Sensex ended at 28,020.87, up 240.04 points.
