Rashtriya Chemicals gains 4% on stake sale buzz

State-controlled Rashtriya Chemicals and Fertilisers gained as much as 4.35 percent to touch an intraday high of Rs 57.60 on Wednesday. Government sources' reports suggest that the cabinet committee on economic affairs (CCEA) is likely to meet on Saturday to take a decision on the divestment of 12.5 percent stake in the company.

The government currently holds 92.5 percent stake and would opt for offer sale route to raise funds, according to sources.

At 13:51 hours IST, the stock rose 2.9 percent to Rs 56.80 amid large volumes on the Bombay Stock Exchange.

Trading volumes increased 14 percent to 3,01,778 equity shares as compared to its five day average of 264,842 shares. Market capitalisation of the company currently stands at Rs 3,133.59 crore.

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