Dalal Street Spikes: Mill stocks on fire

Textiles stocks are in demand following the Supreme Court verdict allowing them to sell/redevelop surplus land.

Bombay Dyeing has hit the 20% upper limit at Rs 473. Ruby Mills, Ventura Textiles, Victoria Mills, Simplex Mills, Shree Ram Mills, Empire and Dawn Mills have all hit their upper limits. Century Textiles, Raymond and Arvind Mills have also posted smart gains.

Tata Steel has raised $500 million through a syndicated loan. The stock, which touched a high of Rs 477 in opening deals, slumped to a low of Rs 465. The stock is now down 1.8% at Rs 465 on a volume of around 6.83 lakh shares.

Tata Chemicals today announced that its wholly-owned subsidairy has acquired the balance 36.5% equity of Brunner Mond for a consideration of Rs 290 crore. The stock surged to a high of Rs 255, and is now up 2.5% at Rs 254. The counter has seen trades of around 4.35 lakh shares.

Godrej Industries soared to a high of Rs 515 after the company's board approved the sale of its foods unit to Godrej Tea for a consideration of Rs 70 crore. The stock is presently trading with a gain of 10.7% at Rs 491, and around 77,500 shares have changed hands at the counter.

Shasun Chemicals today received approval from Medicines and Healthcare Products Regulatory Agency to sell its drug on commercial basis in the UK and European countries. The stock touched a high of Rs 103, and is now up 2% at Rs 100. The counter has clocked a volume of around 77,500 shares.

The Sensex slipped to a low of 10,662, and is now down 42 points at 10,694.