The Oriental Bank scrip witnessed huge volumes at the National Stock Exchange (NSE) yesterday with 14.08 lakh shares changing hands. Marketmen said that a couple of leading FIIs were accumulating shares at the counter.
The share price, however, moved in a narrow range with the scrip closing at Rs 50.90, up Rs 0.90 over the previous close. The scrip has been consistently witnessing accumulation with about 25 lakh shares changing hand on the NSE over the past three trading sessions. The Cummins India scrip witnessed a negotiated deal of 30,000 shares on the BSE at a price of Rs 471.25 per share. This was at a premium of Rs 20 over the previous closing price of Rs 451.
The M&M scrip continued to real under selling pressure with trading at the counter being frozen at Rs 279, a new 52 week low. The scrip lost Rs 15 over its previous close with 2.82 lakh shares being traded. This included a negotiated deal of 50,000 shares between an FII brokerage and a BSE broking house.
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The Bata scrip continued to edge up on sustained buying interest. Marketmen said that Morgan Fund was among the active buyers at the counter.
The scrip closed on the BSE at Rs 140.50, up by a rupee over the previous closing price. On the NSE, the scrip moved by Rs 1.75 to close at Rs 139.75.
The Exide scrip was a major loser at the bourses yesterday following the company's proposal to come out with a rights issue in the ratio of 1:4 at a rate of Rs 100 per share. The scrip immediately came under selling pressure and lost about Rs 5 on the BSE and NSE. This is the second equity dilution by the company in two years.
MNC scrips attracted buying interest with the Nestle, Pfizer, German Remidies and Reckitt & Coleman scrips posting handsome gains. The Reckitt scrip gained Rs 13.25 on the BSE to close at Rs 365.25. Marketmen said that domestic institutions were buyers at the Tisco, Tata Tea and Tata Chemicals. According to sources, Canbank Mutual purchased a sizeable chunk of Tata Tea shares.
The Hindalco scrip lost ground on fresh sales by foreign funds. The scrip closed on the BSE at Rs 708.25, down Rs 23 over the previous close. On the NSE, the scrip closed at 704.95 after touching an intra day low of Rs 672.