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Punjab Alkalies Advances on Report Grasim May Purchase Stake

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Feb. 16 (Bloomberg) -- 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.

To contact the reporter on this story: Anoop Agrawal in Mumbai at aagrawal8@bloomberg.net

To contact the editor responsible for this story: Hari Govind at hgovind@bloomberg.net

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