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Heard on the Street


Ashapura hits circuit filter on creeping acquisition buzz

Small-, and mid-cap stocks seem to be the flavour of the season. Trading in one such stock, Ashapura Minechem, was frozen at the upper end of the intra-day circuit filter on talks of a creeping acquisition by the company’s promoters. The shares closed 5%, up at Rs 72.5 on large volumes of 13.5 lakh shares, in a sluggish market on Wednesday.

Interestingly, the spurt in the stock was recorded on a healthy delivery ratio (percentage of shares delivered to total volumes) of 82% on BSE. The trigger, according to market sources, was fresh open market acquisitions by one of the company’s promoters whose combined holding stood at 43% as on September 30, 2009.

In a block deal transacted on Wednesday, the promoter bought 9.5 lakh shares at Rs 69.7, the intra-day low for the stock. Around 1.2% stake was acquired from the company’s foreign JV partner Volclay International Corporation, which held a 21.1% stake as on September-end.

Dec F&O series expiry comes as relief to option traders

Some option traders are heaving a sigh of relief, with the December futures and options series expiring on Thursday. These traders had aggressively sold or written Nifty 5200 December Calls, hoping that the index would not cross this level anytime this expiry. Brokers said Call writers aggressively sold these contracts, when the premium was at Rs 70-80.

As the Nifty hovered under the 5200-mark in many of the past sessions, these traders were jittery that any sharp upmove could result in premium also rising sharply. Such concerns were especially around the past prolonged weekend, when a section of the market predicted a breakout at 5200, led by global market strength. But that did not happen. With the contracts expiring on Thursday, these option writers hope to pocket the entire premium.

(Contributed by Vijay Gurav & Nishanth Vasudevan)

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