Duncans surges after 50% stake sale

MUMBAI: Shares of Duncans Industries hit 52-week high after Jaiprakash Associates picked up 50 per cent stake in the company.

Earlier, The Economic Times reported that Jaiprakash Associates, the Delhi-based diversified infrastructure conglomerate with interests in engineering, construction, cement, hospitality and real estate, is close to acquiring a controlling stake in the fertiliser division of Duncans Industries, which is about 80% of the total business of the company.

A joint venture would be formed for the Kanpur fertiliser unit. The Rs 550 crore liabilities of Duncans Industries will be shared by both the companies.

Duncans Industries was at day’s high of Rs 20.30, up Rs 3.10 or 18.02 per cent. Around 23.73 lakh shares were traded in the counter on the BSE.