Financial Daily from THE HINDU group of publications
Tuesday, Oct 07, 2003
Financial Daily from THE HINDU group of publications Tuesday, Oct 07, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Mastek up ahead of results Virendra Verma
The market players are accumulating stock of software company Mastek, ahead of the company's quarterly results. Dealers said several institutional investors, on expectation of good quarterly numbers, are buying the stock. Institutional investors hammered the stock of Mastek in the last six months due to disappointing results in the previous two quarters. Talks are that the company has been getting orders over the last few months and this has brought back the interest of the institutional investors. In the last two quarter, large number of institutional investors had exited the stock. On Monday, the stock gained 9.25 per cent at Rs 262.10 on the BSE with volume of 20.84 lakh shares and on the NSE it closed at Rs 257.60, up 7.20 per cent with a volume of 26.59 lakh shares.
M&M on FII buy list Automobile company Mahindra & Mahindra was another company whose stock was aggressively acquired by FIIs on Monday. The talk is that T Rowe Price that had recently acquired around 5 per cent stake in the company is further increasing its stake through market purchases. The rise in the stock price on Monday was also attributed to the buying by T Rowe Price. Several other institutional investors are also understood to have bought the shares of the company. The main factor for the interest in the stock is the good performance of the company's new vehicle, especially the recently launched premium multi-utility vehicle Scorpio. On Monday, the stock gained 9.14 per cent at Rs 273.55 on the BSE with a volume of 7.02 lakh shares and on the NSE it closed at Rs 271.35, up 8.37 per cent with a volume of 18.36 lakh shares.
Sharp gain in Gujarat Ind Power Gujarat Industries Power Company stock gained sharply on Monday. The stock gained 19.02 per cent at Rs 38.80 on the BSE with a volume of 16.76 lakh shares and on the NSE it closed at Rs 38.35, up 19.36 per cent with a volume of 19.36 lakh shares. Dealers said the rise in the stock price is due to the ongoing restructuring of the company's debt and this would result in savings for the company on interest. Another factor for the buying in the stock is overall bullishness towards the power sector stocks. Talks are that several institutional investors have also bought the shares of the company over the last few days. Some FIIs, that are picking shares in mid-cap stocks, are also understood to have taken stake in the company. —
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