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Sensex down 15 points
Mumbai: Cement stocks remained in the limelight on Friday as FIIs continued their bullish activities. Technology stocks remained depressed as foreign investors resorted to value buying.
Opening on a firm note, the BSE Sensex touched a high of 3,700.88 during the day, but selling at higher levels pulled the index lower and at end it closed 14.73 points down at 3,669.76. At NSE, the S&P CNX Nifty closed at 1,172.8, down 2.15 points.
Prospects of a normal monsoon and another round of merger and acquisition activity saw a good level of activity in cement stocks.
ACC was up 4.5 per cent to close at Rs 143.50, L&T closed 1.7 per cent higher at Rs 246.65 while Gujarat Ambuja Cement, placing 8 million shares with Warburg Pincus at Rs 225, hit the 8 per cent upper circuit but after the announcement of preferential allotment the stock lost most of its gains.
Other cement stocks — Jaiprakash Industries, Grasim and India Cements also figured in the gainers list.
Multinational stocks also continued to rise. Philips India was locked in the 16 per cent upper circuit for the third day in a row and closed at Rs 84.20, Gillette India gained 11.77 per cent and closed at 474.75. Titan Industries, Mcdowell, Tata Tea, Tata Steel and Indogulf Corporation were the other stocks in the gainers list.
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Carrier, Otis stock price hikes suspicious, says Sebi
New Delhi: The Securities and Exchange Board of India, (Sebi) has ordered stock exchanges to conduct a probe the abnormal trading patterns and price movements at the two counters against the backdrop of suspected insider trading.
After ascertaining the facts, Sebi will take a view on the issue and initiate further action. It will also examine the trading pattern of the scrip to evaluate whether there was any insider trading.
It is well known that the same parent made open offers for buying out the listed equity of the subsidiaries within two days. Both scrips saw abnormal volumes and price movements following this. Last Friday the trading pattern at the Carrier counter raised suspicions of insider trading as the stock was frozen all of Friday on the 16 per cent circuit at Rs 63.70 as it seemed the market knew of the announcement of a buyout by the parent company to follow on Monday.
Compare this: last Thursday, on the NSE, volumes clocked at the Carrier counter were a mere 17,388 shares, the very next day, Friday saw volumes rocketed to 2.5 lakh shares, a terrific spurt.
The combined BSE and NSE volumes at the counter were 61,082 shares and the next day figure was up seven times at 4.41 lakh shares. On the BSE, volumes went up to 1.86 lakh shares from 43,694 shares, a jump of four times.
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domain - B : Indian business : News Review : 19 May 2001 : capital market