Equity Alert: Southern Petro up 20% as RIL may buy fertiliser unit
MUMBAI--1PM--Southern Petrochemical Industrial Corp was locked at
20% upper
circuit of 24 rupees on a report the company is in advanced stage of
negotiations with Reliance Industries to sell its fertiliser unit.
Sterlite Industries, Mangalore Chemicals and Fertilisers, and
former
employees of the company backed by a Singapore-based private equity
fund have
also shown preliminary interest, The Times of India reported.
Southern Petrochemical is an illiquid counter, and the news has
renewed
interest in the stock, dealers said. But they do not expect any sharp
gains
in the stock until the news of the sale is confirmed.
Reliance Industries shares were down nearly 1% at 2,006 rupees,
and did
not react to the newspaper report.
So far today, 353,085 Southern Petrochemical shares have been
traded on
NSE.
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