Binani Cement ends up 4 pct

Defying a weak broader market,shares of Binani Cement settled 3.92 pct higher at Rs 99.40.

Continuing its rally for the third consecutive session,Binani Cement surged nearly 4 per cent on the Bombay Stock Exchange,driven by the heavy buying after the company’s announcement to delist its shares.

Defying a weak broader market,shares of Binani Cement settled 3.92 per cent higher at Rs 99.40 on BSE. During the day,the counter had skyrocketed over 30 per cent,reaching its year-high level.

Marketmen said that counter surged on the news that Binani Industries will acquire the entire public shareholding of its cement firm.

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The cement manufacturer,yesterday,said that its promoter company Binani Industries will acquire all the shares held by public and delist it from the stock exchanges.

The scrip has witnessed a gain of a staggering 21.51 per cent in the last three trading sessions.

On National Stock Exchange,shares of Binani Cement zoomed by 4.35 per cent to settle at Rs 99.55. In terms of volume,about 47 lakh shares of Binani were traded on the two bourses.

On similar lines,shares of the cement manufacturer’s promoter Binani Industries spurted by 15.48 per cent to finish at Rs 140.25. The scrip,during the session,had soared nearly 31 per cent to touch its year-high on BSE.

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Binani Industries holds 69.9 per cent stake Binani Cement whereas remaining 30.1 per cent shares are with the public.

The 30-share benchmark Sensex ended at 20,315.32,shedding 227.76 points from the previous close.