The Hindu Business Line : Balrampur Chini in the limelight

THE stock of Balrampur Chini today hit a two-month high on major bourses. It closed on the BSE at Rs 115.05 (Rs 114.15) with 30,935 shares being traded and on the NSE at Rs 115.2 (Rs 114.25) with volumes of 79,179 shares.

The counter has been steadily rising since February 27 barring February 28, the Budget day when it had recorded a marginal decline in tune with the market sentiment of that session. On February 27, it had closed at Rs 99.85 on the BSE and at Rs 99 on the NSE. The last two months' average daily volume of the scrip on the NSE is around 25,457 and on the BSE 8,243.

``There is hardly any specific trigger apart from the fact that after sugar decontrol, the company looks better poised for growth'', said a NSE broker. The 75-per cent interim dividend proposed by the company also added to the positive view of the market on the counter.

However, an official from the company said that it might withdraw interim dividend proposal to avoid any confrontation with the exchanges following SEBI's fiat on the record date.

Company sources maintained that there was no other corporate event on the horizon to spur the stock price.

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