Clariant Chem to sell textile, paper biz, stock rebounds

Clariant Chemicals (India) touched a new 52-week low of Rs 475 in initial trade on Thursday, but managed to rebound with gains of nearly 1 percent immediately on news that the company is going to sell some part of business operations at more than Rs 200 crore.

The board of directors of the company approved the proposal for sale of the businesses of textile chemicals, paper specialties and emulsion together with assets currently dedicated to the respective business of the company at a consideration of Rs. 209.15 crore.

At 09:56 hours IST, the stock was up 0.86 percent to Rs 496.25 on Bombay Stock Exchange.
 
Earlier the share touched its 52-week high Rs 683.70 and 52-week low Rs 488.55 on 03 April, 2012 and 22 March, 2013, respectively.
 
Market capitalisation of the company currently stands at Rs 1,323.04 crore.