Financial Daily from THE HINDU group of publications
Saturday, Jan 26, 2002
Columns - Ear to the ground
Auction in Digital GlobalSoft
ON a dull trading day, Digital Globalsoft shares on Friday witnessed auction of around 2 lakh shares on the NSE. There was also talk of auction of around 1.5 lakh shares on the BSE. After the trading hours, the auction on NSE was completed around Rs 584.50, which was at a premium to the closing market price of Rs 562.30. The shares of Digital Global ended 1.58 per cent higher on the NSE. On the BSE, the scrip ended higher at Rs 562.30.
More action in Satyam Computers
THE trading volume in the Satyam Computers increased substantially from Thursday on both the bourses. On the NSE, the trading volume was 2.94 crore shares compared to 1.65 crore on Thursday. Similarly on the BSE, the volume was 1.41 crore compared to 83.77 lakh shares.
However, the share price remained almost stable. On NSE, it ended at Rs 265, up 1.01 per cent and on BSE it closed marginally lower at Rs 260.
Dealers attribute the increased trading activity due to the arbitrage opportunity available between the cash and futures market in the underlying stock. The increased volume was also on account of low volume in other counters which brought day-traders into the counter.
HCL Tech down on I-T raids
THE raids by income-tax officials on HCL Technologies on Thursday adversely affected the share price of the company on Friday. The stock was down 8.74 per cent at Rs 222.45 on the BSE and on the NSE it closed at Rs 222.50, down 8.73 per cent.
The information of the IT raids first poured into the market on Thursday, but the fall was not as sharp as witnessed on Friday. The sharp fall in the share price was due to the rumours that IT officials have found around Rs 100 crore of unaccounted income.
Dealers feel that in case the rumors turns out to be true, it could adversely affect the share price. There is also the feeling in the market that it could also effect the image of the company among market players.
Technical analysts have also turned bearish on the stock after it breached the Rs 232-level.
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