BASF India said Wednesday the company's parent company, BASF SE, Germany is setting up a new global business unit combining all its pigments activities effective January 2016. In the second half of 2016, BASF intends to establish a separate BASF legal entities for pigment business.

This new unit will fully concentrate on the pigments business and will help to further strengthen its support to the needs of the pigments customers worldwide. BASF's pigments business serves a variety of industries including paints & coatings, printing & packaging and plastics.

The pigments business of the company belongs to the operating division dispersions and pigments, which forms part of the performance products segment.

Shares of the company gained Rs 7.05, or 0.61%, to trade at Rs 1,157.10. The total volume of shares traded was 1,195 at the BSE (9.45 a.m., Thursday).