A clear indication that a section of the market may have had a whiff of an impending open-offer by the company. The rumour-mills, however, expected an open-offer of around 20 per cent.

Even though the market was not too enthused by the 2 per cent open-offer, the scrip hit the circuit filter at the National Stock Exchange (NSE). The Bombay Stock Exchange (BSE) was closed on Thursday.

The scrip has, however, been in the limelight for the past couple of months. On February 19, the scrip closed at Rs 24.80. Ever since, the scrip has been gaining steadily. It closed at Rs 29.10 on February 27, Rs 32 on March 2, and went up to Rs 36.35 on March 5 and closed at Rs 44.50 on March 11. The gain has, however, been more pronounced in the past few days with the scrip hitting a 52-week high on successive days on theback of record volumes. On March 30, the otherwise illiquid counter witnessed a volume of 12.90 lakh shares on the BSE with the scrip closing at Rs 46.

The next day, volumes went up to 20.96 lakh shares and the scrip closed at Rs 50.55. On April 2, it closed at Rs 55.45 on the back of volumes of 20.49 lakh shares. It closed on NSE at Rs 54.90. Volumes in this case were, however, only 3.83 lakh shares.

The scrip continued its upward march on April 6 and moved up to Rs 62.35 to close at Rs 67 on the next day at BSE. On April 8, it hit a high of Rs 70 before settling to a close of Rs 66.95. The volumes recorded at the exchange were 13.21 lakh shares.

Unconfirmed reports said that a large FII had placed a bulk deal of 13 lakh shares.