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Is the promoter group of Nirma Ltd, picking up stake in GHCL? According to market grapevine, stocks were being picked up in substantial volumes by certain entities, supposedly close to Nirma Ltd promoters. Market sources claim that total stake of these company in GHCL has not only crossed 5 per cent, but also moving towards higher levels.

Mr Kushik A. Patel, Executive Director of Nirma Ltd, denied that Nirma Ltd or any of its arms was picking up stake in GHCL.

However, he said that Nirma Ltd was not privy to such moves by any entity of the promoters. A senior official of GHCL also denied receiving of late any information from any non-promoter entity increasing its stake in GHCL through market purchases.

GHCL, has, however, reportedly been negotiating with several intending overseas investors for stake sale. Nirma and GHCL’s chemistry converges in soda ash, which is part of the manufactures portfolio of both the companies.

In the last one week, the GHCL stock has seen price appreciation of 12 per cent on huge volumes.

The counter registered a traded quantity of 1.23 crore on the NSE and BSE on Tuesday.

Jayanta Mallick

More Stories on : Chemicals | Mergers & Acquisitions | Stocks | Ear to the ground

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