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Even though the Sensex scaled the 20k on Monday, lower price for the forthcoming rights issue exerted downward pressure on the benchmark component of Tata Steel’s market price, a week ahead of the record date. The company announced the rights issue in the ratio of one for every five equity shares held at a price of Rs 300 per share (face value of Rs 10 each) and fixed November 5 as the record date to determine the shareholders entitled to receive the offer. Brokers said the market discounted the factor early in the early session. According to the calculations, the downward adjustment for this factor came to around Rs 110 per share. The stock opened at Rs 970, the day’s high, against Friday’s closing of Rs 990.60, and then slipped to the low of 893 and finally closed at Rs 991, denoting a loss of 9 per cent. Its weekly gain, however, still remains at 7.6 per cent —

Jayanta Mallick

More Stories on : Stocks | Rights Issue | Steel | Tata Steel Ltd | Ear to the ground

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