Century Textiles gains on buzz of demerger of cement biz

Kumar Mangalam Birla has agreed to go ahead with the long-awaited merger of the cement business of Century Textiles, owned by his grandfather B K Birla, with UltraTech. The merger process had started and the deal was likely to be inked in a few months," reports suggest.

Century Textiles stock opened at Rs 306 and hit a high of Rs 319 on the Bombay Stock Exchange (BSE). A combined 456,910 equity shares have changed hands on the counter till 1018 hours. UltraTech Cement, on the other hand, is trading lower by 1% at Rs 1,124 on the BSE.

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