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Shares of Kesoram Industries have rallied 16% to Rs 133 on the National Stock Exchange (NSE) in early morning trade on reports that MRF is in talks to buy Kesoram’s tyre unit.
According to an Economic Times report, MRF, India's largest tyre manufacturer is in advance discussion with BK Birla flagship Kesoram Industries to acquire its main tyre unit out of the two of Birla Tyres for a value that's far higher than the market capitalisation of the entire diversified Birla conglomerate.
The stock opened at Rs 135 and hit a high of Rs 137 on NSE. The trading volumes on the counter almost doubled with a combined 1.19 million shares changed on NSE and BSE till 0920 hours.
According to an Economic Times report, MRF, India's largest tyre manufacturer is in advance discussion with BK Birla flagship Kesoram Industries to acquire its main tyre unit out of the two of Birla Tyres for a value that's far higher than the market capitalisation of the entire diversified Birla conglomerate.
The stock opened at Rs 135 and hit a high of Rs 137 on NSE. The trading volumes on the counter almost doubled with a combined 1.19 million shares changed on NSE and BSE till 0920 hours.
