CESC is trading higher by 3% at Rs 291 on reports that the company is planning to demerge its retail business, Spencer's Retail into separate listed entity.
“The RP-Sanjiv Group has decided to list Spencer's after demerging it from the group's flagship CESC,” the Times of India report suggests.
“The listing of Spencer may happen ever before December 31, 2013, as the retail firm is moving towards company-level break-even and is likely to get there in four quarters,” the report suggest quoting the group's chairman Sanjiv Goenka. Currently, Spencer's Retail is a wholly owned subsidiary of CESC.
The stock opened at Rs 285 and hit a high of Rs 292 on the NSE. Total 1.24 million shares have changed hands on the counter till noon deals on both the exchanges.
