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Wednesday, June 1, 2011

Singer shares pushed by takeover talks

Singer Sri Lanka PLC (SINS) became the second largest contributor with Rs.527.56 million for the market turnover yesterday, amidst rumors about a possible takeover.

On Monday, there was crossing of 530,000 shares of Singer Sri Lanka PLC (SINS). Analyst said it was a possible buyout by the King of Bonds, Ajith Devasurendra led Browns, though it was earlier believed as Perpetual Capital.

Nearly 3.4 million shares of Singer Sri Lanka PLC (SINS) traded with 2,795 trades and the share closed at Rs.151.30. The share price shot up by Rs.20.10 (up 15.32%) and reached as high as Rs.169.50.

Meanwhile, Singer Industries (Ceylon) PLC (SINI) was up 13.12% to Rs. 247. However the share closed at Rs.210.40. The contribution to the day’s turnover by the share was Rs.76.5 million.

The 10 percent price band was imposed on SINI after trading hours.

source - www.dailymirror.lk