HSCL board approves Dalmia Bharat Refractories Tyre Business demerger scheme

Demerger Ratio AnnouncedNclt Scheme FiledStrategic Transactions View source PDF Explain this filing

HSCL · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-0.4%Reaction day

₹677.00

prior close

₹688.30

announcement price

In-mkt

timing

Nifty Smallcap 250market-0.0%-0.3% vs market

Chemicals & Petrochemicals peers, median of 206sector · industry level+0.3%-0.7% vs sector

On the reaction day the stock moved 0.3 pts less than Nifty Smallcap 250 and 0.7 pts less than its Chemicals & Petrochemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-0.2

10m

-0.1

15m

+0.0

30m

-0.1

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-0.4-0.0-0.3+0.3-0.7

Next day

-1.1-0.1-0.9-0.0-1.0

-1.3+0.7-2.0+0.8-2.2

+0.0-0.7+0.7+0.1-0.1

+0.4-0.7+1.1+0.5-0.1

-0.7-2.3+1.6-1.1+0.4

-0.2-2.7+2.5-1.3+1.1

15d

-2.5-2.5-0.0-1.7-0.8

-20.2-6.8-13.4-5.5-14.7

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UpDownMarket · Nifty Smallcap 250Sector · Chemicals & Petrochemicals peers, median of 206Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

HSCL's board approved a scheme to demerge Dalmia Bharat Refractories' Tyre Business into HSCL. Demerged undertaking turnover was INR 149.31 cr (3.39% of HSCL's FY26 turnover). Share ratio: 1 HSCL share (FV INR 1) for every 260 DBRL shares (FV INR 10), no cash. Appointed date 1 Oct 2026. Subject to NCLT, SEBI, and stock exchange approvals. Promoter holding will shift marginally from 52.49% to 52.47%.

Likely market impact

Forward integration into the tyre value chain for HSCL. Minor dilution expected. Subject to multiple regulatory approvals before becoming effective.