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There may be more surprises in the Mangalore Chemicals and Fertiliser Ltd (MCF) acquisition race.
As against the highest offer of Rs 93.60 a share from Deepak Fertilisers and Petrochemicals (on September 26), MCF shares today rose up to Rs 98.45 before closing at a new 52-week high at Rs 97.80 (up by 2.73 per cent) on Tuesday.
MCF shares have been on a rising trend since September 26, when Deepak offered nearly Rs 20 a share higher than the market price. As an immediate reaction the shares hit the circuit breaker at Rs 88.10 (up by 19.95 per cent).
The shares touched a new high at Rs 95.20 on September 29. The trend was strengthened on Tuesday.
The rising stock prices, beyond the offer price, and high trade volumes may indicate hectic buying.
As against the daily average trading of 3.6 lakh shares over the last two weeks, a total of 4.23 lakh shares changed hands on the BSE on Tuesday, indicating consolidation of stake by interested quarters.
From 16.82 lakh shares on September 26, the trading volume more than doubled to 37.26 lakh at NSE on September 29. The volume came down to 11 lakh on Tuesday.
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