Kesoram surges on buyback from Camden Industries

NEW DELHI: Shares of Kesoram Industries advanced 7 per cent on Friday on reports that the company is looking at increasing its industrial footprint in the eastern region of the country after the buyback of spun pipe and the heavy chemicals businesses from Camden Industries Ltd.

Following the development, the shares of the company surged 7.78 per cent to Rs 147.50 on BSE. The stock opened at Rs 136 and touched an intraday high and low of Rs 148.50 and Rs 135.50 respectively, in trade.

The company informed the exchanges that the businesses have been bought back for around Rs 400 crore from Camden Industries.

"It was sold for around the same consideration. We bought it back because we were rethinking about our industrial footprint in the eastern region," Tridib Kumar Das, whole-time director and chief financial officer said, in the company's annual general meeting report.

On the BSE, 81.28 lakh shares were traded on the counter so far as compared to a two-week average of 53,000 shares.