Nocil scrip shoots up

MUMBAI, April 27: The scrip of petrochemical firm Nocil shot up by 9.97 per cent on rumours that the promoters, the Mafatlals, have managed to sell the company to Shell. The scrip closed at Rs 54.05 as compared to its previous close of Rs 49.15 on the Bombay Stock Exchange.

Brokers said the scrip was witnessing intense speculation as there were news reports in the past that Nocil has been sold off. A selloff would help both the cash-starved promoters, Mafatlal Industries and Nocil. The management of the company, however, did not comment on the market rumours. The Nocil scrip had flared up many times in the last month.

It is learnt that Montell, a subsidiary of Shell was negotiating with the Mafatlals to buy the latter8217;s stake in Nocil. In fact, Shell was their partner in Nocil until three years ago. The multinational pulled out of Nocil by selling its stake to the Mafatlals.

The Mafatlals are planning to spin off Nocil8217;s rubber chemicals and polymer businesses and a separate sale of promoter8217;s equitystake in each to a foreign partner.