The stock moved up by 5.4 per cent last week to close at Rs 170 on the Bombay Stock Exchange. However, the trading volume declined by 78.89 million shares indicating that investors have booked profit at the higher level. The stock closed near a weekly high, indicating that the sale position was well absorbed in the market.
Hindalco Industries is on a steady uptrend, with the rise in the scrip price guided by market expectations that promoters may buy shares from the open market to ward off a takeover. The stock had spurted on heavy volumes early this month and it has been on a sustained rise since then.
The stock rose 18.38 per cent to Rs 170 in the past one month to Friday, June 22, 2007. The stock had hit a 52-week high of Rs 192.75 on November 1, 2006. It had hit a 52-week low of Rs 125.25 on March 7, 2007.
The low promoter holding in Hindalco (31.5 per cent) has made it a possible takeover target. The recent rumours that the Canadian aluminium major Alcan Inc could team up with Sterlite Industries to bid for Hindalco have spurred the market.
However, Hindalco's promoters can take solace from the substantial share holding of state-run insurance firms in Hindalco. State-run insurance companies own almost 11 per cent stake, with Life Insurance Corporation of India holding 7.4 per cent.
Hindalco Industries is on a steady uptrend, with the rise in the scrip price guided by market expectations that promoters may buy shares from the open market to ward off a takeover. The stock had spurted on heavy volumes early this month and it has been on a sustained rise since then.
The stock rose 18.38 per cent to Rs 170 in the past one month to Friday, June 22, 2007. The stock had hit a 52-week high of Rs 192.75 on November 1, 2006. It had hit a 52-week low of Rs 125.25 on March 7, 2007.
The low promoter holding in Hindalco (31.5 per cent) has made it a possible takeover target. The recent rumours that the Canadian aluminium major Alcan Inc could team up with Sterlite Industries to bid for Hindalco have spurred the market.
However, Hindalco's promoters can take solace from the substantial share holding of state-run insurance firms in Hindalco. State-run insurance companies own almost 11 per cent stake, with Life Insurance Corporation of India holding 7.4 per cent.
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