October 15, 2018 / 5:00 AM / in a month

BUZZ-India's CESC hits 3-wk high on non-power business demerger

** Electric utility company CESC Ltd’s shares rise as much as 5.3 pct to 948.35 rupees, their highest since Sept 24

** Co said here on Friday that after NCLT nod, it has decided to demerge non-power investments into two entities - new retail and venture companies

** Each existing shareholder of CESC, for every 10 of his holding, will be allotted additional 6 shares of 5 rupees each in new retail and additional 2 shares of 10 rupees each in the venture company, it said

** “Separation of businesses should markedly improve the disclosures, promote a focused approach to grow the business and significantly eliminate the web of crossholdings,” IIFL Institutional Equities said in a note on Monday

** Nomura says stock could rally from current levels as a much awaited positive catalyst is set to play out; maintains “neutral” rating

** Nearly 2 mln shares traded as of 0440 GMT, 1.7 times their 30-day avg of 700,817 shares ($1 = 73.8225 Indian rupees)

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