Falcon Tyres more-than-triples post open offer
The stock has, once again, ended at its 5% upper circuit of Rs 530.55. Only 716 shares were traded on the BSE today.Falcon Tyres was moving in the range of Rs 146-156 when the open offer was going on from 20 May to 10 June. The open offer price for the share was Rs 151.71.
The stock has however made a spectacular climb post the open offer where it surged around 256% till date. Today, the price stands at Rs 530.55, up 5%. Only 516 shares have been traded on the counter at the BSE today. Out of 28 trading sessions, the stock has ended at its 5% upper circuit limit on 20 trading days.
The promoters Wealth Sea held 74.82% stake in the company and further acquired 11.6% of the shares in its open offer for 20% stake.
For the quarter ended March 2009, the company posted a nine-fold jump in net profit to Rs 5.42 crore as compared to Rs 0.61 crore in the corresponding quarter a year ago.
source: Business-Standard
Tags: bse circuit stock, buy or sell falcon tyres, falcon tyres, hot stocks
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