Mico hits top speed after reporting block deal

DALAL STREET SPIKES

The Motor Industries Company (Mico) scrip jumped 6 per cent to close at 2389.20 after hitting a lifetime high of Rs 2,655 with the help of a block deal in BSE.

The deal was executed at Rs 2,450 per share at a premium of 2.5 per cent to Monday's closing price of the scrip of Rs 2,389.20.

The scrip had earlier witnessed a sharp surge from the beginning of September 2005, moving up a sharp 17 per cent. The company is also planning to increase the share of its non-automotive business.

The company had recently entered into a six million euro project to develop and produce fuel filter systems with Mann Hummel GmbH.