Shares of Bengal & Assam Co. advanced on Friday after its board approved the scheme of restructuring of Umang Dairies Ltd. and Panchmahal Properties Ltd.
The restructuring will entail the dairy business of Umang Diaries being demerged into Panchmahal Properties. The remainder of Umang Dairies will be merged with Bengal & Assam Ltd., the latter said in an exchange filing.
Shares of the company surged 7.64% intraday, before trading 3.42% higher at Rs 4,995 apiece as of 10:17 a.m., compared to a 0.70% advance in the BSE Sensex.
The total traded quantity so far in the day stood at 19 times the 30-day average volume. The stock's relative strength index stands at 79, indicating that it may be overbought.
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