Volume Shockers: Wheels India, Mangalore Chemicals
Both these stocks rallied more than 14% each in otherwise weak market on back of huge volumes.
Wheels India and Mangalore Chemicals and Fertilizers have rallied more than 14% each in otherwise weak market on back of huge volumes.
Wheel India has surged 19% to Rs 807, its all-time high, on back of over ten-fold jump in trading volumes. As many as a combined 1.16 million shares have already changed hands on the counter so far, against an average less than 70,000 shares that were traded daily in past ten trading days.
According to market buzz, stocks with higher promoters holding have been gaining on the bourses on hopes that either the promoters will dilute their stake or consider delist.
According to SEBI mandate, by June 3, 2013, companies have to maintain a minimum public float of 25 per cent. Currently, promoters hold 85.62% stake in Wheels India.
Vijay Mallya-managed Mangalore Chemicals and Fertilizers (MCF) too, surged 15% to Rs 51.50 on the Bombay Stock Exchange. A combined 9.13 million shares, representing around 8% of total equity have changed hands on the counter so far on both the exchanges.
According to market reports, UB group is planning to divest its stake in the fertilizer company to reduce debt. Mallya's investment holding company United Breweries Holdings owns 30.44% promoter stake in MCF, which has been long considered a non-core asset, added report.