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West Coast Paper stock price on Friday flew up on speculative trades and went close to its 52-week high. According to market sources, since September the counter has been witnessing sudden buzz amid a general quietude.
In September and October, the company had scotched the rumours that the promoters were planning a sell-out.
Today word of mouth spread like wild fire and SMSes moved in the market circles again.
At the end of the session, the Rs-2 stock closed 5 per cent up at Rs 117, its monthly high.
The counter’s monthly low, incidentally, is Rs 84. Its year-peak was Rs 122, recorded last month.
Traded quantity also jumped. On the NSE, it clocked a volume of over 8.5 lakh shares. On the BSE, it recorded a traded quantity of 4.26 lakh, more than double the fortnightly average.
Sources close to the promoters, told Business Line that Rama Newsprint & Paper, another S.K. Bangur group outfit in which West Coast has over 36 per cent stake, is actually up for sale and not the West Coast.
S.K. Bangur, Chairman of Rama Newsprint, and CMD of West Coast Paper, confirmed that promoters were open to offloading.
Rama Newsprint has been suffering cash losses since 2008-09.
“Promoters are looking to exit Rama,” said a source.
The Rs-10 Rama stock on Friday closed 2 per cent lower at Rs 14.80.
It too saw dramatic surge in volumes and fluctuations in its intra-day price movement.
On the NSE its volume was 8.28 lakh shares and on the BSE it was 5.2 lakh shares.
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