GSFC soars on Gujarat govt stake sale buzz

DALAL STREET SPIKES

The stock of Gujarat State Fertilizers and Chemicals (GSFC) rose over 10 per cent to close at Rs 53.50 on Wednesday.

The counter saw volumes of 3.23 lakh shares as market participants anticipate that the Gujarat government will divest stake in the company.

A broker said the stock is in the limelight for the last few days on rumours that the Reliance and Birla groups are eyeing the Gujarat government's stake in GSFC.

The stock has risen nearly 23 per cent in the last four trading sessions. As of December 31, 2003, the government holds 37.84 per cent stake in GSFC, while domestic institutions, the public and foreign bodies hold 30.47 per cent, 23.57 per cent and 0.48 per cent, respectively.