A US fund is reported to have picked up 50,000 HLL shares, mainly on speculation that the company is planning a stock split. The company is also poised to post 25 to 30 per cent growth in net earnings for the second quarter, analysts believe. State Bank of India, Corporation Bank, HDFC Bank and Bank of Baroda also flared up. Rs 2,725 on the Bombay Stock Excahnge. The scrip reached this figure as a result of speculative buying.
Institutional investors are also in the field acquiring large chunks of the shares.
It was rumoured that the company would go in for a stock split. The share price closed at Rs 2,720, up by Rs 142. The market capitalisation of the HLL scrip reached a figure of Rs 59,723 crore. It had cleared the Rs 50,000 crore mark a few months ago. The Rs 10 shares of the company are now quoted 270 times the face value.