Clariant Chemicals stock jumps post announcement of selling Masterbatch business

Clariant Chemicals announced that it has approved the sale of it Masterbatch business to PolyOne Polymers India Limited on a slump sale worth Rs. 426 crore, subject to the approval of its shareholders by way of a special resolution through postal ballot and other statutory approvals.

During the previous financial year, this business generated a revenue of Rs. 282.82 crore, which was 29 per cent of the total revenue. The reason behind the sale of this business is said to be to align with the global strategy of the Clariant group.

Clariant Chemicals (India) Limited is a manufacturer and seller of speciality chemicals. Its segments can be classified into pigments and colours and dyes and speciality chemicals. The pigments and colours segment includes pigments, pigment preparations, and additives, while the dyes and speciality chemicals segment includes dyestuff, synthetic resins, binder materials, functional effects, and coatings and chemicals. The company caters to several sectors, such as agriculture, infrastructure, home and personal care, packaging, consumer goods, fibres, transportation, and healthcare.

At 12 pm on Thursday, the stock was trading at Rs 353.35, up by 10.70 per cent or Rs 34.15 per share. The 52-week high was recorded at Rs 420 and the 52-week low was recorded at Rs 265.10.