Clariant Chemicals surges 20% on buy-back plans

MUMBAI: Shares of Clariant Chemicals surged over 20 per cent in intraday trade after the company announced plans to buy-back equity shares of the company.

The stock ended day at Rs 983.75, up 13.83 per cent or Rs 119.5.

"..the Board of Directors will also consider the proposal for buy-back of the equity shares of the Company in accordance with ail applicable provisions of laws," the company said in a filing to the stock exchange.

Early this month, Clariant Chemicals acquired the Carbon Black Business from Lanxess India Private Limited, comprising of the Carbon Black Dispersion plant located at Nagda together with its respective assets, liabilities and employees as going concern on a slump sale basis for a lump sum consideration of Rs 13.5 crores.

This product line of Lanxess manufactures black pigment preparations used for processing of viscose fibre, which goes in the manufacture of mainly viscose-based apparels, knitwear, towels, bed-linen, etc.