DCM Shriram rises as Axiall acquires 50% stake

DCM Shriram is currently trading at Rs 87.45, up by 0.30 points or 0.34% from its previous closing of Rs. 87.15 on the BSE. The scrip opened at Rs. 87.30 and has touched a high and low of Rs 90.95 and Rs 86.35 respectively. So far 82559 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 95.50 on 07-Apr-2014 and a 52 week low of Rs. 50.40 on 29-Aug-2013. Last one week high and low of the scrip stood at Rs 94.65 and Rs. 85.65 respectively. The current market cap of the company is Rs. 1430.92 crore. The promoters holding in the company stood at 62.53% while Institutions and Non-Institutions held 11.55% and 25.92% respectively. US-based company Axiall has acquired 50% stake in DCM Shriram’s arm -- Shriram Vinyl Polytech -- an entity involved in the production and sale of poly vinyl chloride (PVC) compounds. Axiall has spent Rs 34.65 crore for the said acquisition. Earlier this month, fair trade regulator Competition Commission of India (CCI) approved the proposed deal between DCM Shriram Consolidated and US-based Axiall related to poly vinyl chloride compounds business. Axiall is a subsidiary of Axiall Corporation and is engaged in the production of PVC and PVC compounds, while DCM Shriram is a diversified company with business in agriculture, chemicals, plastics, cement, textiles and energy services. DCM Shriram had transferred its PVC compounding business to Shriram Vinyl, last year.