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Wednesday, Oct 11, 2006

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Ciba Specialty up on global cues

Another company that witnessed sharp spurt in activity was Ciba Specialty Chemicals.

The BSE-listed stock, which used to see trading volumes in thousands, saw a sharp jump in trading volumes after Reliance Mutual Fund bought 2.30 lakh shares from Merrill Lynch last Friday.

According to brokers, the increase in activity is due to an expectation that Ciba Specialty Chemicals AG, promoters of Ciba Specialty Chemicals, may change hands.

Global media has been speculating that Dow Chemicals of the US is interested in the Swiss major. If the deal materialises, the buyer has to come out with an open offer for the Indian entity. Market sources said that there has been some quiet accumulation in this counter on that score.

On Tuesday, the stock closed at Rs 375.80, with about 13,000 shares changing hands. On a week-on-week basis, the stock has jumped 12.5 per cent. Ciba Specialty Chemicals Holdings Inc holds 58.28 per cent as at the end of September quarter.

K.S. Badri Narayanan

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