BASF India was up 2.75% to Rs 1,245.25 at 12:48 IST on BSE after the company said its parent has reached an agreement with Stahl to divest BASF's leather chemical business to Stahl Group.
The announcement was made during market hours today, 23 March 2017.Meanwhile, the S&P BSE Sensex was up 109.54 points or 0.38% at 29,277.22. The BSE Mid-Cap index was up 118.39 points or 0.86% at 13,839.84.
On the BSE, 6,056 shares were traded on the counter so far as against the average daily volumes of 2,894 shares in the past two weeks. The stock had hit a high of Rs 1,275 and a low of Rs 1,200 so far during the day.
BASF India said it has received information from its parent company, BASF SE, Germany that globally BASF SE and Stahl have reached an agreement to divest BASF's leather chemical business to Stahl Group, subject to receipt of requisite approvals. The transaction is expected to close in the fourth quarter of 2017.
The Stahl Group is a leading company in process chemicals for leather products & performance coatings. The Stahl Group in future would be held by Wendel Group, Clariant and BASF.
Under the arrangement, BASF India would supply leather chemical products from its manufacturing facilities to Stahl Group under a mid to long-term supply agreement.
BASF India reported net loss of Rs 47.22 crore in Q3 December 2016, compared with net loss of Rs 119.24 crore in Q3 December 2015. Total income from operations rose 0.03% to Rs 1217.84 crore in Q3 December 2016 over Q3 December 2015.
BASF India is engaged in providing chemicals, plastics, performance products and crop protection products.
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