Textile division hive-off talk sends technocraft soaring

Shares of Technocraft rose sharply intra-day on Thursday amid rumours that the company was planning to hive off its textile division. The stock surged to the day's high of 66.2, up 11.3% over the previous day's close, but lost most of the gains later when the company denied the market talk.

"We do not have any plan to hive off our textile business," said Technocraft in a clarification to the BSE. The stock ended 1.3% higher at 60.3 on higher volumes of over nine times the two-week average.

(Contributed by Shailesh Menon & Vijay Gurav)