Mangalore Chem shares rally 16

Bucking the weak broader market,the scrip settled 9.69 per cent higher at Rs 44.15 on the NSE as well.

The company,however,terms the reports about possible stake sale by its promoters as speculative.

In a regulatory filing issued to the stock exchanges,Mangalore Chemicals amp; Fertilizers said,8221;The news report appears to be speculative. It is not the policy of the

company to respond to such speculative reports.8221;

As per reports,the UB Group might sell part of its stake in Mangalore Chemicals amp; Fertilizers to raise funds to ease the liquidity crunch in the promoter group-run Kingfisher Airlines.

Mallya,who heads the cash-starved Kingfisher Airlines,has been approached by Zuari Industries and Chambal Fertilisers amp; Chemicals to buy UB8217;s shares,the report said.

The promoter holding in the company stood a little over 30 per cent in December quarter,wherein United Breweries Holdings held 24.51 per cent stake,United spirits has 0.01 per cent stake and McDowell Holdings commands 5.93 per cent stake in the company as per the shareholding pattern.

Shares of Zuari ended 0.76 per cent higher,while Chambal Fertilisers closed with a loss of 0.34 per cent.

In the broader market,the BSE barometer Sensex ended 154.93 points lower at 17,923.57.