Clariant Chemicals slips; buyback value lower than market price

NEW DELHI: Clariant Chemicals Ltd slipped as much as 8.12 per cent in trade on Thursday, after the company announced that it will be buying back 35.8 lakh of its own shares at a price of Rs 950 each totalling Rs 340 crore, which was lower than Wednesday's closing price of Rs 974.80 on the BSE.

The stock ended the day at Rs 901.35, down 7.53 per cent or Rs 73.45.

The company also announced selling its Industrial Consumer Specialist (ICS) business to Clariant India Private Limited on a going concern basis for a total consideration of Rs 42 Crore.

For the Jan-Mar'15 quarter Clariant Chemicals (India) Limited recorded a profit of Rs 12.1 crore before tax, for the quarter ended March 31, 2015 as against a loss of Rs 26.8 crore over the previous quarter, ET reported.

Clariant also announced net sales of Rs 226 crore during the quarter as against Rs 222 crore in the corresponding previous quarter, added the report.