Shares of Alstom T&D India Ltd vaulted by about 7 per cent in the stock exchanges today, on the day the company is making an Institutional Placement Programme (IPP) to Qualified Institutional Buyers (QIBs).

The shares are quoting at a much higher price than the price band at which the IPP is being offered by the company.

When the company announced on November 21 its decision to offer 1,69,42,500 equity shares of Rs 2 each by way of an IPP to QIBs, it did not stir any excitement in the stock which hovered around Rs 159-160 levels.

But there was sudden interest in the stock on Monday when it jumped by about Rs 7 to close at Rs 167.25 on the NSE and it stayed around those levels for a couple of days more.

However, interest in the counter returned on Thursday, as the company announced after the market closed on the previous day, a price band of Rs 159-174 per share for the IPP.

The stock appreciated by about Rs 7 yesterday riding on the expectations of the company fixing the price at the higher end of the price band and closed at Rs 174.30 on the NSE.

Today, the stock continued to gain and touched a high of Rs 193 on both the exchanges before easing to lower levels.

While the stock was trading at Rs 186.80, a gain of Rs 12.10 on the BSE, on the NSE, it was trading at Rs 187, a gain of Rs 12.70 or 7.29 per cent. On the NSE, the trading volume was around 93,700 shares.

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