Century Textiles rises on the buzz of plan to spin off its cement business

23 Apr 2015 Evaluate

Century Textiles & Industries is currently trading at Rs. 741.20, up by 4.80 points or 0.65% from its previous closing of Rs. 736.40 on the BSE.

The scrip opened at Rs. 739.00 and has touched a high and low of Rs. 749.00 and Rs. 730.00 respectively. So far 170166 shares were traded on the counter.

The BSE group 'A ' stock of face value Rs. 10 has touched a 52 week high of Rs. 793.35 on 13-Apr-2015 and a 52 week low of Rs. 328.70 on 30-Apr-2014.

Last one week high and low of the scrip stood at Rs. 775.10 and Rs. 676.00 respectively. The current market cap of the company is Rs. 7539.57 crore.

The promoters holding in the company stood at 45.22% while Institutions and Non-Institutions held 20.87% and 33.91% respectively.

Century Textiles & Industries is reportedly planning to spin off its cement business and merge it in an all-share deal with India’s largest cement maker UltraTech. Both companies are in the final stages of a plan to merge the cement businesses.

Once approved by shareholders, the merged entity’s capacity would add up to 87 million tonnes. This would help UltraTech achieve 100 million tonne output much before its target of 2020 and allow it to take on the combined might of Lafarge and Holcim in India.

Post merger, UltraTech will gain access to the eastern market while strengthening its presence in Maharashtra, Chhattisgarh and Madhya Pradesh.

Century Textiles & Industries has wide portfolio that manufactures yarn, denim, viscose filament rayon yarn, tyrecords, caustic soda, sulfuric acid, salt, cement and pulp & paper.

 

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