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| Suzlon scrip rises 15% on RIL stake buy rumours |
| BS Reporter / Mumbai Sep 03, 2010, 01:08 IST |
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Shares of Suzlon Energy today surged nearly 15 per cent in the last half hour of the trading session amid reports that Reliance Industries Ltd (RIL) was eyeing a stake in the wind power major. Spokespersons of RIL and Suzlon, however, denied any such development.
On the Bombay Stock Exchange (BSE), the shares of Suzlon Energy that traded between Rs46 and Rs48 for most part of the trading session, jumped to Rs53.10, a gain of around 15 per cent. It finally closed at Rs51.35, up 10.19 per cent or Rs4.75. Shares of Reliance Industries, meanwhile, gained marginal ground to close at Rs937.15.
According to an institutional dealer, the sudden swing was the result of a report by a business channel that said RIL, which is India’s largest private sector entity, is eyeing a stake in Suzlon, which is also the country’s largest wind turbine maker. “Recent reports of RIL looking at diversifying into sectors other than oil and gas and its decision of acquiring a sizeable stake in EIH Ltd added fuel to fire,” he said on conditions of anonymity.
“We deny any such rumour,” said RIL spokesperson. In a similar context, the spokesperson for Suzlon Energy said: “We do not comment on market speculation or rumour”.
Dealers tracking the counter added that it was more of retail buying activity that pushed up the stock price and there was not much of institutional interest even after the report came out. On BSE, a total of 733,000 Suzlon shares changed hands on Thursday, lower than the two-week average of 1.12 million.
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