Financial Daily from THE HINDU group of publications
Wednesday, Aug 21, 2002
Columns - Ear to the ground
Block deal takes GAIL up
GAS Authority of India Ltd (GAIL) was buzzing with activity on Tuesday with a huge block deal on the BSE; 40 lakh shares changed hands in the block deal at Rs 71 per share.
According to market sources, a domestic institution may have sold a tranche of shares while a foreign institutional investor is rumoured to have bought into the counter through the two-way fungibility. Under this process, domestic shares would be converted into GDRs listed on the London Stock Exchange. There were talks that GAIL is reportedly also interested in picking up ten per cent in Haldia Petrochemical.
The stock price showed a marginal increase on both the BSE and the NSE. The stock went up one per cent to close at Rs 70.95 with 42.43 lakh shares being traded on the BSE. On the NSE, the stock went up by 0.71 per cent to close at Rs 70.95 with 3.67 lakh shares being traded.
Bombay Dyeing up on buyback talk?
THE share price of the textile major Bombay Dyeing spurted on Tuesday on reports of the company considering a buyback offer at its board meeting on August 28.
According to market sources, the company could be looking at offering a price of around Rs 60. The company had recently announced a buyback offer and is now considering a second one.
The stock price of Bombay Dyeing went up by 7.67 per cent to close at Rs 51.95 with 1.25 lakh shares being traded on the BSE. On the NSE, the stock went up by 7.55 per cent to close at Rs 52 with 1.71 lakh shares being traded.
Parental care boosts Nestle?
NESTLE's stock price has been witnessing a steady rise in the past few days. According to dealers, the parent company is looking at increasing its stake in Nestle India.
Unit Trust of India is rumoured to be the major seller in the market lately. A block deal of 10,000-15,000 shares is expected to have taken place at the counter on Tuesday.
The share price of Nestle India went up 2.28 per cent to close at Rs 524.40 with 54,520 shares being traded on the BSE. On the NSE, it went up by 2 per cent to close at Rs 523.30 with 83,283 shares being traded.
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