Punjab Alkalies & Chemicals Ltd. rose to the highest in more than a week in Mumbai trading on speculation Grasim Industries Ltd. will buy a stake.
Grasim, part of the Aditya Birla Group, may buy Punjab State Industrial Development Corp.’s 44.26 percent stake in Punjab Alkalies for as much as 2.5 billion rupees ($55 million), Bloomberg UTV television channel reported today, without saying where it got the information.
Shares of Punjab Alkalies jumped 4.7 percent to 46.15 rupees as of 2:41 p.m. local time after surging as much as 10.7 percent earlier. It is set for its highest close since Feb. 8.
Grasim shares gained 1.1 percent to 2,333.65 rupees.