Mumbai: Shares of software firm Hexaware Technologies Ltd on Thursday surged on market rumours of a possible stake sale by the company.
Hexaware shares jumped to an intra-day high of Rs42, up 109% on the Bombay Stock Exchange, but ended the day at Rs33.30, up 65.67%.
“In the past few days, such activity has been seen in the mid-cap and small-cap stocks, it’s mainly an operator driven activity and may be some vested interest in some counter,” said Ashika Stock Brokers Research head Paras Bothra.
ONGC may offer GAIL 20% in petrochem plant
New Delhi: Indian explorer Oil and Natural Gas Corp. Ltd (ONGC) may offer a 15-20% stake in its planned petrochemical project in western India to gas firm GAIL (India) Ltd, a senior ONGC official said on Thursday. Another gas firm, Petronet LNG, could get a 5% stake in the project, A.K. Balyan, business development director at ONGC, told reporters.
ONGC on Monday said it had signed a Rs6,800 crore contract with a consortium comprising South Korea’s Samsung Engineering and Germany’s Linde AG , for the petrochemical project to be set up by ONGC Petro additions Ltd (OPaL) and completed by 2012.
Balyan said debt for the project, which will cost a total Rs12,440 crore, is expected to be raised within three months.