Two stocks were in focus today – Balaji Distilleries and Maruti Suzuki India.
Boston-based Venus Capital Management Inc. bought 900,000 shares in Balaji Distilleries @ Rs. 43.50/- each; the seller here was DSP Merril Lynch.
Sometime back, Balaji Distilleries was in the process of being merged with Vijay Mallya’s United Spirits, the World's 2nd Largest Spirits Company. Based on the details available, holders of 55 shares of Balaji Distilleries were to be issued 2 shares of United Spirits upon the merger. My sense is that the shares of Balaji Distilleries were lapped up due to an arbitrage play here.
Swiss Finance Corporation (SFC) sold close to two million shares of Maruti Suzuki India @ Rs. 1290/- each. The counter has been witnessing selling action ever since the company announced quarterly results. SFC held 3.5 million shares of Maruti Suzuki at the end of March 31 2010.
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