Cipla Fluctuates On Takeover Rumours

The Cipla scrip witnessed sharp fluctuations at the major bourses yesterday on the back of takeover rumours. The scrip finally closed lower than its previous closing levels. On the BSE, the scrip opened the day at Rs 906, and immediately flared up to a new 52-week high of Rs 963. However, following the companys denials, the scrip crashed to an intra-day low of Rs 825 before edging up to Rs 852.25 at close, down Rs 25 over the previous close. On the NSE, the scrip soared to a new 52-week high of Rs 921.45 before dipping to Rs 860.25 at close.

 

The Castrol scrip came under severe selling pressure after the company announced gross sales figures of Rs 238 crore for the first three months of the calendar year as compared to Rs 219 crore for the corresponding year of the previous fiscal.On the BSE, the scrip opened the day on a strong note at Rs 739.25.

Immediately after the company declared the sales figures, the scrip crashed to an intra-day low of Rs 712, which was also the closing price for the day. Broking circles said marketmen had unrealistic expectations which, in turn, led to the sharp fall in share prices. The Zee Telefilms scrip hit the upper end of the circuit filter with only buyers at the counter following the decision by the company to increase the FII investment ceiling in the scrip from 24 per cent to 30 per cent.Trading in the scrip was frozen at Rs 401. In late evening kerb deals, the scrip was quoted at Rs 432 levels.

The ICICI scrip continued to zoom to new 52-week highs yesterday. Marketmen said a large buy order by a foreign fund at the counter is being executed in tranches. On the BSE, 27.07 lakh shares were traded yesterday while on the NSE, 24.7 lakh shares changed hands.

Sugar stocks remained firm yesterday even as the market paused for an intra-day technical correction. Balrampur Chini, Dhampur Sugar and Thiru Arooran Sugars touched new 52-week highs during intra-day trading. All the stocks posted handsome gains supported by good volumes.