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Kesoram Industries stock up over 7% as firm sells Rs 429-crore stake

The company off-loaded stake worth Rs 141.42 crore in Century Textiles and Industries among other listed companies.

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The shares of Kesoram Industries on Wednesday surged over 7% as the company sold stakes worth Rs 428.53 crore in several listed companies, including Aditya Birla Nuvo and Grasim Industries, through open market transactions as part of its efforts to enhance cash inflow.

The stock of the company jumped 7.34% to Rs 109.00 on the BSE. On NSE, the shares of the company soared 7.13% to Rs 108.90. The stock had gained 10% in the previous session also.

At 1401 hours, the shares of Kesoram Industries were trading up 4.97% slightly lower than its earlier level or Rs 5.05 at Rs 106.60 per scrip on the BSE.

The shares were acquired by Camden Industries, as per BSE's block deal data on Tuesday.

Among the companies whose stakes were offloaded are Aditya Birla Fashion and Retail, UltraTech Cement, Century Enka, Century Textiles and Industries, Mangalam Cement and Mangalam Timber Products.

While stake worth Rs 46.88 crore was sold in Aditya Birla Fashion and Retail, Kesoram Industries off-loaded stake worth Rs 141.42 crore in Century Textiles and Industries.

Shares worth Rs 85.94 crore were sold in Mangalam Cement and shares with a value of Rs 47.72 crore were offloaded in Aditya Birla Nuvo.

In Grasim Industries, the firm sold stake worth Rs 52.92 crore and it was Rs 25.88 crore worth of stake sold in UltraTech Cement.

Stakes sold in Century Enka and Mangalam Timber Products were worth Rs 23.52 crore and Rs 4.23 crore, respectively. 

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