Company news

BASF India has informed the exchanges of the divesture of BASF’s global bleaching clay and mineral adsorbents business to EP Minerals. BASF India’s parent company BASF SE, Germany, has signed an agreement with EP Minerals, a worldwide leader in industrial minerals, to sell its bleaching clay and mineral adsorbents business, part of BASF’s catalyst business, subject to receipt of requisite approvals. The transaction is expected to close in the third quarter of 2017. Bleaching clay and mineral adsorbents business is a part of the process catalysts business of the company. Shares of BASF India gained 2 per cent at ₹1,347.25 on the NSE.

Mahindra Holidays & Resorts India has informed the exchanges that it hiked stake in Finland-based Holiday Club Resorts Oy. In a notification to the exchanges on Tuesday, the company said through Covington Sarl, Luxembourg (Covington), its stepdown subsidiary, it has increased its stake in HCR by acquiring an additional 3.22 per cent stake. Consequently, Mahindra Holidays’ stake in HCR has gone up to 95.16 per cent. The stock of Mahindra Holidays closed at ₹447.10, a gain of 1.22 per cent, on the NSE.

Indian Metals & Ferro Alloys has informed the exchanges that the State Pollution Control Board, after inspecting its Sukinda and Mahagiri mines on March 22, had issued a notice pointing out certain non-compliances. “We are in the process of replying to the notice but, subsequently, the consent to operate (CTO) for both mines have been withdrawn. While mining operations have been stopped with effect from today, there is no immediate impact on our ferro chrome operations. We are addressing all issues which have been pointed out and expect to revive the CTO in due course,” the company said in the statement on Tuesday. Shares of Indian Metals & Ferro Alloys slumped 9.8 per cent at ₹629.70 on the NSE.