Financial Daily from THE HINDU group of publications
Saturday, Dec 28, 2002
Financial Daily from THE HINDU group of publications Saturday, Dec 28, 2002 |
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Markets
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Stock Markets L&T gains on expectations of open offer change Virendra Verma
MUMBAI, Dec. 27 LARSEN & Toubro (L&T) gained today on market rumours that the company might be de-merged into three different businesses instead of the earlier proposed de-merger of the cement division. Another rumour floating in the market was that the open offer price of Rs 190 per share to L&T shareholders by Grasim would be hiked. Of the three units, brokers expect the cement division to be sold to Grasim, engineering division to remain within L&T and construction business to be sold to another buyer. On these speculations, L&T gained 2.86 per cent at Rs 206.95 with volumes of 6.12 lakh shares on the BSE. On the NSE, the stock closed at Rs 206.85, up 2.78 per cent with volumes of 15.10 lakh shares. Out of this, 29.32 per cent shares were for presented for delivery on the BSE, and 31.67 per cent share on the NSE. Stock brokers said the L&T stock gained on market expectation that Grasim would hike the open offer price to around Rs 230-250 per share. Also, the on-going legal battle in Securities Appellate Tribunal (SAT) and investigations by SEBI is expected to be in favour of Grasim, they said. Grasim stock price gained more than the L&T. It gained 5.65 per cent at Rs 310.20 with volumes of 1.55 lakh shares on the BSE. On the NSE, it closed at Rs 309.70, up 5.39 per cent with volumes of 3.13 lakh shares. Out of the total shares traded, 65.05 per cent shares were up for delivery on the BSE, and 62.60 per cent on the NSE. Meanwhile, Mr Kumar Mangalam Birla, Chairman, Grasim Industries, is understood to have met officials of LIC and other financial institutions today. Details of the discussions was, however, not known.
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