Financial Daily from THE HINDU group of publications
Tuesday, Nov 26, 2002
Financial Daily from THE HINDU group of publications Tuesday, Nov 26, 2002 |
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Stock Markets Markets - Stock Markets High volumes worry L&T Our Bureau
MUMBAI, Nov. 25 LARSEN & Toubro has said it is "concerned with the volume of transactions in the company's equity shares taking place during the last few days...'' It said this in a notice to NSE today. Traded volumes in the company's shares on NSE rose from 9.09 lakh shares on last Monday (November 18) to 26.3 lakh shares today. On the BSE too, traded volumes in the stock rose from 3.5 lakh shares to 14.78 lakh shares. The company was responding to the exchange's query on reports that a private equity investor has expressed interest in buying an equity stake in the company's cement division, which is proposed to be demerged into a separate entity. "Investors who take a position on the stock exchange are doing so with the full knowledge that as of now there is no certainty of the proposal being finally accepted for implementation," said the L&T notice to NSE. The company said it had received some proposals for its cement business should it get demerged and "this is under consideration by a committee appointed by the board''. The proposal is subject to acceptance by the board, by the potential investor and also subject to the approval of the shareholders, it said. On Tuesday, the Securities and Exchange Board of India is to file its affidavit at the Securities Appellate Tribunal (SAT) to show that it has fresh evidence to conduct investigation into the issue of whether Grasim exercised management control over L&T following its purchase of 10.6 per cent equity stake in it in November last year. SAT is scheduled to hear the case on Wednesday. It is being widely speculated that L&T's reported decision to shelve its demerger planshappened only after the Birlas obtained a stake in the company; and that this point could be held by SEBI as indicative of management control by the Birlas.
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