South-based cement maker India Cements is seeing selling by foreign funds. On Wednesday, CLSA sold 11.05 lakh shares at Rs 161. CLSA's sale comes after ABN AMRO Bank sold 10 lakh shares on March 16 at Rs 164. On March 2 and 3, foreign funds GMO Trust and Grantham GMO sold 12.50 lakh shares each at Rs 153.32 and Rs 149.88 respectively.

Dealers said funds are booking profits on their investments in India Cements. From about Rs 61 in last April, the shares touched a high of Rs 172.15 on March 10.

On Wednesday, the shares closed at Rs 160.30 (BSE), down by about 1.6 per cent from the previous close of Rs 162.90.

Rajesh Abraham

(This article was published in the Business Line print edition dated March 30, 2006)
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