AFTER ITC, it is the turn of another cigarette company GTC Industries stock to witness hectic activity. The stock was locked in the 20 per cent upper circuit on Wednesday. It closed at Rs 54.25 on the BSE with volumes of 18.63 lakh shares and on the NSE it closed at Rs 54.75 with volumes of 27.47 lakh shares.
Dealers said the sudden jump in the stock price was on talk that the company has huge real estate in Mumbai. The company could either sell this land or it could develop residential or commercial property on this land.
Company officials were not available for comments. Since the value of this land is high, market players feel that the major beneficiary of this would be the company.
Another reason for the interest is that the company has been performing well despite the slow growth for the cigarette industry.
The company owns cigarette brands such as Panama and Flair.
Jumps ahead of ADS pricing
THE STOCK price of ICICI Bank gained on Wednesday. It rose 4.62 per cent at Rs 389.45 on the BSE with volumes of 5.06 lakh shares and on the NSE it closed at Rs 389.50, up 4.63 per cent, with volumes of 12.94 lakh shares.
Dealers said the rise in the stock price came ahead of the pricing of the bank's sponsored ADS.
The talk is that the ADS would be priced much higher than the current ruling market price in the local market and on the NYSE.
The ADS of the bank already trades at a premium of more than 25 per cent on the NYSE. Dealers said foreign investors are willing to give a premium to ADS and this has brought interest in the counter.
Rises on good valuation
LINC Pens & Plastics stock is being accumulated by a section of the market over the last few days.
The stock price has gained more than 30 per cent in the last one month. The buzz is that the company has been performing well and the brand equity of its products is well known.
The company's plan to set up specialised retail stores for pens is also seen as a positive. Some high net worth individuals are understood to have started buying the shares of the company.
On Wednesday, the stock gained 4.47 per cent at Rs 42.05 on the BSE with volumes of 1.37 lakh shares.