Grasim Industries witnessed smart gains after the company announced that it got good response for its open offer for UltraTech CemCo from the public.
The stock close up at Rs 943.80 after hitting an intra-day high of Rs 946.80. The counter witnessed volumes of 88,823 shares at the BSE. The company said that it received overwhelming response to the open offer.
About 60 million shares, constituting over 70 per cent of the eligible shares, have been tendered in the open offer, Grasim said. The stock, however, has been witnessing selling pressure amid overall weakness in the market.
The onset of the monsoon and a steep hike in coal prices have also impacted the stock negatively. From a high of Rs 1,237.50 on April 29, the stock plunged to a Tuesday’s close of Rs 943.80.
Grasim cements gains on UltraTech success
DALAL STREET SPIKES
Our Markets Bureau / Mumbai Jun 23, 2004, 00:01 IST
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