Clariant Chemicals on the surge
Clariant Chemicals is on the surge today. At one point, breaching the 20% upper circuit at Rs.1037.10, the stock is up currently over 14% at Rs.988 levels. Volumes have risen over 7 times. Its 52-week high stands at Rs.1185.
The stock is up after the company announced that its Board will meet on 22nd April, Wednesday to consider the proposal for buy-back of shares. This move comes after the company recently acquired from Lanxness India, its carbon black business. This buy bought Clariant its plant at Nagda and its assets, liabilities and employees on a slump sale basis for Rs.13.5 crore.
At end of FY15, the promoters held 63.40% stake in the company with FIIs holding 2.96%, mutual funds holding 4.09%, insurance companies holding 1.34%, bodies corporate holding 3.43% and balance, 24.1% was held by retail investors.