The stock of C.K. Birla group company Hindustan Motors Ltd has of late been seeing upward trend in its price movement. The counter is also witnessing more than usual volume.
The company, however, clarified that “…there is no information/ announcement (including impending announcement) which, in company's opinion, may have a bearing on the increase in the price/ volume behaviour in the scrip of the company.”
The company’s ‘Special Committee of Directors’ at its meeting held on June 19, allotted 1.18 crore shares of Rs 5 each at a premium of Rs 7.25 a equity share to certain “promoter/promoter group companies.” The two such entities, who have exercised their option of conversion of equal number of warrants allotted on preferential basis to them earlier, were Amer Investments (Delhi) Ltd (54 lakh shares) and Central India Industries Ltd (64 lakh).
The stock of ailing automobile company, on Thursday finished on the BSE at Rs 13.59 up 2.03 per cent and 14.65 lakh shares changed hands. Its weekly as well as monthly high on the exchange is Rs 14.35.