ON THE MOVE
Businessworld|9 April 2022
BSE-listed diversified entity GHCL, the second largest manufacturer of soda ash is buzzing on the bourses nowadays. What is clicking for the company and its shareholders?
Ashish Sinha
ON THE MOVE
ON 17 MARCH, the share price of GHCL hit a 52-week high (Rs 552) surpassing its previous high of Rs 499.45 on 11 March 2022. In March, GHCL stocks have gained 43 per cent. What is working for the company? Gujarat-based GHCL caters to almost 25 per cent of the country’s annual domestic demand for soda ash. It is a well-diversified group with businesses across chemicals, textiles and consumer products. So, what is working for the company? It appears that a significant part of the movement in stock prices is due to the recent developments around the company’s textile business.

It all started on 3 March 2022 after GHCL received ‘No adverse observation/ no objection’ letters from the BSE and the National Stock Exchange of India for a proposed Scheme of Arrangement. In early December last year, the board of directors of GHCL had approved a scheme of arrangement involving demerger of the spinning business division of GHCL to GHCL Textiles (subject to regulatory approvals). GHCL expects this new scheme to be completed by around September 2022. Then, the company has also recently divested its home textiles business to Indo Count Industries (ICIL) for Rs 596 crore. This sale, the company insiders say, may unlock the value for its stakeholders. The proceeds of the sale will be used to further grow the chemicals business, the core for GHCL.

This story is from the 9 April 2022 edition of Businessworld.

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This story is from the 9 April 2022 edition of Businessworld.

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