Singapore-based FIIs light up ITC
Mumbai: The counter of tobacco major ITC witnessed increased buying activity on the bourses on Friday as the company's stock gained on the back of institutional buying. According to dealers, two large Singapore-based institutional investors picked up majority of the shares. Market talk has it that other than the company's core business i.e., tobacco, its new businesses - lifestyle and food - are doing well. Apparently, ITC's foray in to food items such as wheat, spices and ready-to-cook items has garnered a good response from the market. The share price of ITC rose 3.83 per cent on the BSE, closing at Rs 698.65 with 2.3 lakh shares being traded. On the NSE, the stock gained 4.25 per cent to close at Rs 701 with 4.34 lakh shares traded.
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ITC contracts active; open interest jumps
Mumbai: ITC future was actively traded. The spot ITC closed at Rs 699.85, gaining Rs 27.45. The May future closed at Rs 701.30, with five per cent increase in open interest. More long positions were evinced as inferred from the order book. The June futures closed at Rs 701 with a two-fold increase in the open interest. It gained Rs 22.25 whereas the May futures gained Rs 27.
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MRPL touches 52-week high
Kochi: The MRPL stock touched a 52-week high of Rs 16.60 amid reports that the company expects to reduce its losses sharply in the current year following a restructuring exercise. The stock was frozen at the 20 per cent upper limit of the circuit breaker. MRPL ended the day at Rs 16.60 up 19.86 per cent with around 8.8 lakh shares traded on the Bombay Stock Exchange. On the National Stock Exchange, the stock ended the day at Rs 16.90 up 20.28 per cent with around 31.19 lakh shares traded. Brokers said that the stock has been deemed attractively valued in the light of expectations that the company may stage a turnaround after the change in management control.
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