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Friday, Dec 06, 2002

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Polaris to see renewed pressure?

WITH the legal merger of Polaris Software and OrbiTech to take place shortly, the real impact of the process would take at least another three quarters to be felt. Analysts said there would not be any major development in the next few quarters as the company is still integrating with OrbiTech on the operational aspects. These developments are not being taken very well by the market players and a number of broking firms after being overweight after the merger announcement have turned neutral on the stock.

Dealers said some institutional players are gradually cutting their holdings in Polaris Software.

On Thursday, the stock ended 2.66 per cent higher at Rs 183.60 with volume of 11.32 lakh shares on BSE and on NSE it ended at Rs 184.10, up 3.14 per with volume of 24.21 lakh shares.

Digital gains on institutional support

DOMESTIC institutional investors were active in the Digital Globalsoft counter on Wednesday. Dealers said a leading private sector mutual fund bought large quantities of the company's shares. The purchases by the fund were mainly following the revived interest in the technology counters over the last few days.

The talk in the market is that Digital Globalsoft along with other IT companies would be reporting good financial results for the December quarter.

On Thursday, the stock ended 5.35 per cent higher at Rs 611.20 with volumes of 21.67 lakh shares on the BSE. On the NSE, it closed at Rs 609.10, up 4.89 per cent with volume of 51.42 lakh shares.

Virendra Verma

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