L&T, Ponni Sugars (Erode), Sun Pharmaceutical Industries and Moschip Semiconductor Technology are among the other stocks to see a surge in volumes on BSE today, 4 November 2016.
Suyog Telematics clocked volume of 3.83 lakh shares by 14:00 IST on BSE, a 227.86-times surge over two-week average daily volume of 2,000 shares. The stock fell 0.18% to Rs 450.
L&T notched up volume of 72.26 lakh shares, a 80.5-fold surge over two-week average daily volume of 90,000 shares. The stock shed 1.94% to Rs 1,416.50 on reports the government is offloading shares of the company via block deal mechanism on the stock exchanges today, 4 November 2016. As per reports, the government proposes to offload up to 3% stake in the company held under Specified Undertaking of the Unit Trust of India (Suuti). Reports added that the base price for the share sale has been set at Rs 1,415.66 per share, about 2% discount to the stock's closing price of Rs 1,444.55 on the BSE yesterday, 3 November 2016. Suuti currently holds 8.14% stake in L&T as per the shareholding pattern as on 30 September 2016.
Ponni Sugars (Erode) saw volume of 2.32 lakh shares, a 31.1-fold surge over two-week average daily volume of 7,000 shares. The stock dropped 4.87% to Rs 242.20.
Sun Pharmaceutical Industries clocked volume of 16.75 lakh shares, a 9.59-fold surge over two-week average daily volume of 1.75 lakh shares. The stock slumped 6.52% to Rs 659.05 after reports suggested that prosecutors at the US Federal Reserve may bring charges of price collusion against a group of generic drugmakers before the end of the year. A report suggested that the US Department of Justice had started the investigation two years ago, and the list included a dozen drug companies such as Sun Pharmaceutical Industries, Taro Pharmaceutical Industries and Mylan. Charges could come up as early as December 2016, it added.
Moschip Semiconductor Technology saw volume of 15.81 lakh shares, a 6.91-fold rise over two-week average daily volume of 2.29 lakh shares. The stock declined 3.53% to Rs 43.70.
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