Binani Industries jumps 12% on talks to sell stake in cement arm

Binani Industries, an Indian business group based in Mumbai, jumped on Wednesday after media reports quoted that it is in talks with global research firm JP Morgan and state-owned funds in the Middle East to sell up to 40% stake in its subsidiary, Binani Cement.

The reports stated the company isplanning to raise capital to cut debt and expand cement capacities. Shares ofthe companyare trading at Rs 123.30, up Rs 13.45, or 12.24% at the Bombay Stock Exchange (BSE) on Wednesday at 12:01 p.m.The scrip has touched an intra-day high of Rs 126 and low of Rs 115. The total volume of shares traded at the BSE is 119,632.In the earlier session, the shares climbed 1.1%, or Rs 1.2, at Rs 109.85. Currently, the stock is trading down 21.66% from its 52-week high of Rs 157.40 and above 28.04% over the 52-week low of Rs 96.30.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 112.15 (2.30) (2.05) 1 Month 128.90 (19.05) (14.78) 3 Months 129.35 (19.50) (15.08) 6 Months 103.75 6.10 5.88 1 Year 123.75 (13.90) (11.23) Note: Based on previous day closing price.