The cash offer for 2.621 million shares would open on November 23 and close on December 13, 2004, ICICI Securities Ltd, manager to offer, said in a public announcement on Tuesday.
Ramesh Shrichand Damani says the best way to tackle the market in the near term is to remain invested.
According to the data release by the Society of Indian Automobile Manufacturers, car sales surged by 25 per cent in June 2004 over the same month last year. Take the Rediff Business Quiz and find out how much you know about the automobile sector.
'The market is in a trading zone, perhaps till the budget. However, long-term investors should be buying,' says Ramesh S Damani.
The increase in bus and truck sales of Tata Motors and Ashok Leyland pushed commercial vehicle sales up by a robust 35.7 per cent in the first eleven months of this fiscal.
The local unit of United States automaker Ford expects its sales to rise 20 per cent this year from 42,956 units sold in 2003 on the back of greater sales of the existing models and launch of a new car.
Surging truck sales of Tata Motors, Ashok Leyland and Eicher Motors drove commercial sales up by 34.6 per cent during the first eight months of this fiscal.
Gabriel India came off the early high of Rs 108.90 on Wednesday after recording some solid gains over the past few sessions.
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