Nicco in play on talk of Sonata interest

Rumours that Sonata Investment, the investment arm of Anil Dirubhai Ambani Group (ADAG), is likely to pick up a stake in cable manufacturer Nicco Corporation has been driving up the stock price of the Kolkata-based company over the past one month. It is not clear as to what stake ADAG is looking to buy in Nicco.

Both companies declined to comment on the issue when contacted. Shares of Nicco ended about 9% lower at Rs 30 on Wednesday. The stock has appreciated 24% over the past one week on the BSE.