Financial Daily from THE HINDU group of publications
Wednesday, May 28, 2003
Financial Daily from THE HINDU group of publications Wednesday, May 28, 2003 |
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Markets
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Stock Markets Unchanged open offer price pulls down L&T Our Bureau
MUMBAI, May 27 LARSEN & Toubro shares fell on the major exchanges on Tuesday, as the day passed with no indication from Grasim of any increase in its open offer price of Rs 190 per share to L&T shareholders contrary to market expectations. Tuesday was the last day for revising the open offer price. A spokesperson for Grasim said the company had not made any changes to its open offer price. The L&T scrip lost 4.11 per cent on the BSE, closing at Rs 207.45; it lost 3.86 per cent on the NSE, closing at Rs 208. The stock had opened firm in the morning and touched the day's high of Rs 219.70 on the BSE. However, as no announcement from Grasim was forthcoming even while the trading hours came to a close, the price soon declined. The L&T stock has been on an upward swing ever since the open offer opened on May 7, the scrip remaining above the open offer price of Rs 190. The open offer is scheduled to close on June 5. Brokers said the rise in the stock price was mainly on anticipation that the offer price would be hiked to Rs 225. "With the offer price not hiked, most of the players off-loaded their positions," said a dealer Brokers said it is understood that the market price would have to fall below the open offer price of Rs 190 per share for shareholders to be ready to tender their shares to Grasim.
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