Ultra Tech climbs 4.39 pc on BSE

MUMBAI: Cement manufacturer Ultra Tech on Monday climbed 4.39 per cent on the Bombay Stock Exchange after Aditya Birla group said it would consolidate its cement businesses by merging Grasim cement with Ultra Tech.

Shares of Ultra Tech Cement surged 4.39 per cent to Rs 886.25 on BSE. The scrip climbed 5.54 per cent to Rs 896 on the National Stock Exchange.

The group, which had acquired Ultra Tech from engineering giant L&T in 2004, said, on Saturday, it would hive-off Grasim cement into Samruddhi, a wholly-owned subsidiary. The demerged entity would be listed and then merged with UltraTech.

Meanwhile, Grasim Industries declined by 7.73 per cent to Rs 2,492 on BSE.

On the NSE the scrip fell by 7.49 per cent to Rs 2,490.