Dhunseri Petrochem has shown a mind boggling spike up in volume today morning, up some 20 times – from a two week average of 5600 shares to over one lakh shares today. The stock is up over 7% at Rs.80 with an intra day high at Rs.85.

There is unconfirmed news that Indorama Ventures Ltd (IVL) is set to acquire a majority stake in Dhunseri Petrochemicals. The enterprise value is pegged at around Rs.1200 crore the market cap of the company currently stands at Rs.298 crore.

Dhunseri promoters currently hold a 67.28% stake and their idea is to exit this business and focus on its core business which is tea.ri