Ucal Fuel Systems flares up on bonus buzz

DALAL STREET SPIKES

Ucal Fuel Systems stock spurted 5.47 per cent to Rs 289 on selective buying interest after the company announced last week that its board will meet on July 16 to consider a bonus issue. The stock of auto ancillary firm hit the day's high of Rs 294 before closing at Rs 289.

The counter witnessed volumes of 8,250 shares at the BSE. The stock since the Budget announcement on Thursday has now gained 14.7 per cent.

Analysts said, auto ancillary stocks have been witnessing good interest among the market participants in anticipation of good growth in the auto sector this year.

Ucal Fuel produces carburettors based on Mikuni technology and about 30 per cent of the company's turnover comes from car major Maruti Udyog. The stock closed at Rs 290.35 at the NSE with volumes accounting for 32,528 shares.