Tata Chemicals Scrip Spurts

The Tata Chemicals scrip hogged the limelight at major bourses yesterday, hitting the upper end of the circuit filter on the BSE.

Trading volumes in the scrip have gone up by nearly five times on the bourse over the past two trading sessions.

The scrip had been moving sid-eways in the past two weeks even as other index scrips saw hectic activity. From an average volume of 20,000 shares per day, the figure shot up to nearly two lakh shares on major bourses in the past two trading sessions.

Trading in the scrip was frozen on the BSE at Rs 179.75, a gain of Rs 16.25 over the previous close.

 

About 2.75 lakh shares worth Rs 4.87 crore changed hands on the BSE yesterday.

On the NSE, the scrip hit the ceiling at Rs 176.40, up by Rs 11.45 over the previous close. According to analysts and dealers, most of the activity at this counter has been due to rumours of a bonus issue.

Apart from bonus rumours, the fact that the company has to receive some dues (in form of provisional retention price of urea) from the government could have attracted a renewed interest at this counter, said an analyst at an FII broking house.

Also, since this scrip has a low amount of floating stock, institutional investors might have had to book their lot through the screen, which could have attracted a lot of speculative buying as well. analysts added.