RIL stock price jumps 10 per cent; Grasim plunges 7 per cent, L&T sluggish

Our Markets Bureau

Mumbai, Nov 19: The Ambanis’ move to sell their 10 per cent stake in Larsen & Troubro to Aditya Birla group’s Grasim Industries has been welcomed by the marketmen saying it is a win-win situation for both the groups. With this, both Reliance Industries Ltd (RIL) and Grasim Industries would be able to concentrate on their respective core areas.

Buoyed by the impressive 47 per cent premium it is set to receive on the proposed sale of its 10 per cent stake in L&T, RIL shares on Monday vaulted over 9.65 per cent on the National Stock Exchange (NSE).

On the NSE, the Reliance Industries Limited stock closed up Rs 26.95 at Rs 305 and up Rs 26.85 at Rs 305.20 on the Stock Exchange, Mumbai (BSE), with a combined volume on both the exchanges standing at 84.46 lakh shares.

On the other hand, Grasim Industries slipped on the bourses primarily on apprehension of higher outflow in the form of premium to be paid for the 10 per cent stake in L&T.

L&T share prices on the NSE closed Rs 5.95 lower at Rs 202.50 and on the BSE the counter was down by Rs 5.45 at Rs 203.05.

Grasim closed down Rs 17.65 at Rs 267.55 on the NSE and down Rs 16.85 on the BSE, with a combined turnover on both bourses hitting 14 lakh shares.

L&T shares which in the last two days of the second week of November showed hectic buying activity with large volumes closed relatively unchanged on the BSE after opening on a firm note and touching a high of Rs 223.70.

Hardly a week ago, on November 8 & 9 the L&T share prices had soared ten per cent with huge volumes raising eyebrows about the sudden surge in activity. From the close of Rs 174.60 on November 7, the L&T stock leaped to Rs 211.25 till November 9 on the BSE, with 1.92 crore shares changing hand of November 9 on the Bombay Stock Exchange and National Stock Exchange.