Tamil Nadu Petro Products was locked at 20% upper circuit at Rs 17.24 at 15:25 IST on BSE after reports PSU OMC, Indian Oil Corporation is planning to acquire the petrochemicals products company.
Shares of Indian Oil Corporation (IOCL) dropped 0.7% to Rs 346.50.
Meanwhile, the S&P BSE Sensex was up 330.06 points or 1.25% at 26,811.31.
The stock was locked at a high of Rs 17.24. The stock hit a low of Rs 14.50.
Indian Oil Corporation (IOCL) is reportedly in preliminary talks to buy TamilNadu Petro Products' 120 million tonne per annum (mtpa) linear alkylbenzene (LAB) plant in Tamil Nadu. TPL's LAB plant is located in Chennai and IOC has a refinery in the same area, report added.
TamilNadu Petro Products (TPL), was formed in 1984 with the objective of setting up a 50,000 MTA Linear Alkyl Benzene (LAB) project.
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TPL is jointly promoted by SPIC, who have diverse interest in fertilizers, petrochemicals and other services & Tamilnadu Industrial Development Corporation (TIDCO), a State Govt. enterprise.
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