Financial Daily from THE HINDU group of publications
Tuesday, Aug 06, 2002
Financial Daily from THE HINDU group of publications Tuesday, Aug 06, 2002 |
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Markets
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Stock Markets Columns - Ear to the ground Divesment boost to Punjab Comm
PUNJAB State Electronics Development & Production Corporations has invited for expression of interest from strategic investors in Punjab Communication and this has had a positive impact on the latter. Punjab Communication gained 11.61 per cent at Rs 73.05 on the BSE with volumes of 87,383 shares. On the NSE, it gained 10 per cent at Rs 72.55 with volumes of 3.97 lakh shares. Dealers said Punjab Communication was expected to get bids from telecom majors — both within the country and outside. There was a possibility that the Punjab Government would be able to sell its 70 per cent stake at a price of Rs 100 - Rs 125 per share, dealers said. The active buying was mainly to participate in the likely open offer from the strategic buyer, they added.
BSES in MF buy list
POWER company BSES jumped sharply on Monday. On the BSE, the stock gained 8.67 per cent at Rs 230 with volumes of 1.21 lakh shares. On the NSE, it was up 9.18 per cent at Rs 230 with volumes of 1.93 lakh shares. The rise was attributed to the Reliance group's proposal to increase its stake in the company to 51 per cent. Some mutual funds had bought shares on the expectation of this move. Their reasoning is that with 51 per cent stake in BSES by Reliance group, the stock may be re-rated. Currently, the Reliance group holds around 37 per cent stake. However, dealers said that the Reliance group did not purchase shares from the market on Monday.
Another block deal in HDFC Bank
THE trend of block deals in HDFC Bank continued on Monday. There was a block deal of 16 lakh shares on the BSE. The seller is understood to be a big investor in the bank and the buyer an FII. Dealers said that J.P. Morgan Chase group was not the seller. Last month, the Chase group had sold around 84 lakh shares in the market to the Government of Singapore. On the BSE, volumes in HDFC Bank counter were 16.39 lakh shares. However, on the NSE, just 22,037 shares were traded. The block deal hardly had any impact on the share price. The stock closed 0.07 per cent lower at Rs 209.85 on the BSE and at Rs 210 on the NSE.
Virendra Verma
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