On the other hand, the daily volumes in the counter have vaulted from 15,000 shares to 5.4 lakh shares during the same period. According to sources, the company is in the process of a financial restructuring and retiring high cost debt. Besides, being a major supplier of tyres in the LCV segment, the company is expected to post better results in the first quarter since sales of LCV has gone up significantly over the first quarter of last year.

The market sources also revealed that there is front-running in the counter by some operators, who will later place the chunk of shares with a big domestic institution. Rumours of a buyback are also being floated at the counter.

IndoGulf Fertilisers up as copper prices firm up: The IndogulfFertilisers counter witnessed a huge trading on both the exchnages, BSE and NSE. On Wednesday, the price moved up to close at Rs 52.90 on BSE, up from Rs 50.10 yesterday. Fund managers point out, with the Australian copper mining company BHP closing down, which earlier used to meet two-thirds of the world's suppply of copper, would see the oversupply of copper drying up from the world market.

This should see the copper prices firming up which can be seen from the fact that the copper prices have moved up from $ 1380 last month to touch a high of $ 1580 yesterday. "Indogulf Fertilisers as well as Sterlite Industries would be the major beneficiaries from this hike. Indogulf would benefit more as the management is professional", said a fund manager. UTI and WI Carr was rumoured to have been very active in the counter.

Institutional deals:

The SBI Mutual Fund is rumoured to have bought close to 2 lakh shares of Indogulf Fertilisers. Morgan Stanley is rumoured to have placed a buy order for 50,000shares of Hoechst Marion Russel while the GMO Fund is rumoured to have bought Indogulf fertilisers. UTI is rumoured to have bought hevaily in the last half-an-hour and bought Telco, NIIT, Reliance and ITC. The Canbank offshore fund is rumoured to have sold NIIT and so did the domestic funds.

contributed by Parul Monga & Aabhas Pandya