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Shares of ICI Ltd have been gaining steadily on the bourses with occasional spike in volumes of late. The stock gained close to 17 per cent month-on-month. It opened on a strong note at Rs 419 on Monday against Friday's close of Rs 407.75, but closed the day at Rs 406.

According to dealers, the stock has been rising on the back of global developments. According to them, market talk of Akzo Nobel NV bidding for ICI Plc, which owns 50.83 per cent stake in ICI Ltd, has resurfaced and that pushed up the ICI Plc stock at the London Stock Exchange. Taking cues from global developments, a section of traders is picking up ICI shares on hopes that if Akzo succeeds in its attempt, then it has to come out with an open offer for the domestic firm.

K.S. Badri Narayanan

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