The Hindu Business Line : Asian Paints surges on price hike buzz

Market buzz is that the company hiked the paints' prices from this month, which is expected to ease the pressure on its products. There are also unconfirmed reports about the company planning to enter the unrelated sector viz., industrial chemicals. Company insiders, however, say the plans have been put on the backburner, at least for the time being.

The stock closed at Rs 594.85, up by 0.85 per cent, from previous close. The stock was at Rs 550 levels on December 2, 2005. The total volumes on Tuesday were 14,795 shares.

ICICI Bank up on FII interest

ICICI Bank saw renewed buying by FIIs in the last couple of trading sessions. Some buying was seen on Tuesday also. Traders said the fall in FII limit in the stock after its recent follow-on public issue gave considerable room for further foreign investment in the stock.

The RBI had recently allowed fresh purchase of the ICICI stocks by FIIs.

Traders said ICICI Bank was the most attractive banking sector stock, after State Bank of India.

The stock rose by over five per cent in a week to close at Rs 607.05.The total traded volume on the day was 28.58 lakh shares. The stock hit a high of Rs 608.5. The 52-week high of the stock was recorded in October 2005 at Rs 615.9.

Rajesh Abraham

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