Bonus share buzz lifts P&G stock

Share prices of Proctor & Gamble Health and Hygiene rose in a weak market on Thursday. Dealers said speculation of a bonus announcement has been driving activity in these counters.

Bonus rumours apart, analysts believe the rise can also be attributed to conservative investors shifting a part of their funds to defensive counters. P&G Health and Hygiene ended almost 7% higher at Rs 1,864.50 on BSE, with nearly 47,000 shares changing hands. This is nearly five times the two-week daily average volume at the counter.