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India Hot Stocks-Ondeo Nalco limit-up, SEAM dives

(Adds Nalco, SEAM)

BOMBAY, Aug 16 (Reuters) - The following shares are among those on the move at the Bombay Stock Exchange on Friday.

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ONDEO NALCO LIMIT-UP ON BUYOUT TALK

Speciality chemicals firm Ondeo Nalco India Ltd rose the maximum permissible 20 percent to 357.10 rupees on talk that its U.S.-based parent, called Ondeo Nalco Co, had plans to buy out the 20 percent it does not own in the company.

Company officials were not immediately available for comment.

The company manufactures water treatment, oil services related and industrial additive chemicals.

By afternoon more than 45,000 shares had changed hands compared with the past month's daily average of 4,800 shares.

0926 GMT

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SEAM SINKS ON LOWER OPEN OFFER PRICE FEARS

Engineering company South East Asia Marine and Construction Ltd (SEAM) fell the maximum permissible 20 percent to 81.65 rupees on speculation the market regulator may ask its new majority owners to make an open offer at a lower price.

Traders said there was talk that an open offer would be made at 78 rupees, much lower than the market expectation of over 200 rupees.

But a senior Securities and Exchange Board of India (SEBI), which regulates India's stock markets, told Reuters that no ruling had been made.

Last year French oil services company Technip SA acquired majority ownership of flexible pipe maker Coflexip, which owns 58.24 percent in the Indian company through holding companies.

That acquisition sparked hopes of an open offer.

Under Indian takeover rules an acquirer who has gained control of a company by buying 15 percent or more of its shares -- directly or indirectly -- must make an open offer to buy a minimum of 20 percent from public shareholders.

0925 GMT

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WIPRO SLIDES AFTER RESTATING ACCOUNTS

Wipro Ltd , India's most valuable software exporter, fell as much as three percent after it restated the June quarter results under U.S. accounting rules, citing higher losses at a medical equipment unit.

The stock fell to a low of 1,120 rupees, bucking the trend of a buoyant software sector which was boosted by a higher finish at Wall Street.

Wipro GE Medical Systems Limited, in which Wipro has a 49 percent stake, had posted a higher loss than previously reported and Wipro said its share of the incremental loss was 147 million rupees.

Analysts said the impact was not significant and that the stock's reaction was sentiment-driven.

0528 GMT

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TELCO RISES AFTER GROWTH FORECAST SURPRISES THE STREET

Tata Engineering and Locomotive Co , India's biggest truck maker, rose as much as 1.5 percent to 133.80 rupees after a newspaper quoted a senior official saying it would outperform the industry average.

Executive Director Ravi Kant was quoted in The Business Line newspaper as saying that its truck sales were expected to grow 10 percent in the current year to March against the industry forecast of eight percent.

TELCO, whose sales are dependant on the movement of agriculture produce from the rural areas, hiked its annual target from seven percent after revival of rains in northern India, the newspaper said.

0521 GMT

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