Hindustan Copper and Blue Dart Express have rallied over 25% after initial fall of more than 4% each on back of heavy volumes.

Shares of Hindustan Copper and Blue Dart Express have rallied over 25% after initial fall of more than 4% each on back of heavy volumes.

Hindustan Copper has soared 15.5% to Rs 276, bouncing back almost 25% from intra-day low on the BSE. The stock hit 10-month low at Rs 222 in early trades on concerns that the government will offer shares at discount to the market price to lure investors.

The government propose to divest 37 million equity shares of the face value of Rs 5 each aggregating approximately 4% of the paid up equity share capital of Hindustan Copper on Friday.

As many as a combined 2.28 million shares have already changed hands on the counter in morning trades against an average sub 200,000 shares that were traded daily in past two weeks.

Blue Dart Express too, has rallied 18% to Rs 2,024 on the BSE. The stock has bounced back 26% from intra-day low of Rs 1,605 DHL Express (Singapore) Pte, the promoter of the company has propose to sell 6.03% of its stake through offer for sale route on Friday.

Total 124,999 shares have changed hands on the counter so far as compared to less than 2,000 shares that were traded daily in past ten trading sessions on the BSE and NSE.

Source: Business Standard

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