Kanoria Chemicals jumps 20% on Aditya Birla buy

Shares of Kanoria Chemicals on Monday rocketed nearly 20 per cent on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) to their upper limit after Aditya Birla group firm, Aditya Birla Chemicals (India), said it will acquire the chloro chemicals division of KCIL for Rs 830 crore.

Buoyed by the news, the Kanoria Chemicals & Industries' shares surged 19.93 per cent to Rs 49.35 a piece on Bombay Stock Exchange (BSE). Similarly, Aditya Birla Chemicals (India) also witnessed heavy buying by investors and jumped 7.12 per cent to a month's high of Rs 144.35.

On National Stock Exchange, shares of Kanoria advanced 20.02 per cent to its upper limit of Rs 49.45, while Aditya Birla Chemicals' scrip surged 6.72 per cent to Rs 144.40 a piece.

The Board of Directors of Aditya Birla Chemicals (India) had on Saturday approved acquisition of the chloro chemicals division of KCIL for a cash consideration of Rs 830 crore.