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Shares of Dalmia Bharat hit a record high as according to a media report the company has submitted a binding offer to buy Nagpur-based Murli Industries Ltd.
Shares of cement-maker Dalmia Bharat Ltd jumped as much as 5.6 per cent to a record high of Rs 3,237.60. The stock posted its biggest intraday percentage gain since November 17.
The company shares ended higher by 5.32 per cent at Rs 3,220.
Reuters could not immediately reach the companies for comment.
Murli Industries owes about Rs 1,800 crore to a group of lenders and Dalmia has sought total haircut of about 80 per cent of Murli's outstanding loans, the report said.
“If sound bites is anything to go by, the binding bid looks fine,” says Rohit Natarajan from IDBI Capital, adding it all boils down to how much cost per tonne Dalmia eventually would pay.
Dalmiya stock has risen about 127 per cent this year up to Friday.
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