The Hindu Business Line : Television Eighteen: Reflecting rival's fortunes

HEAVY buying has been buoying the stock of Television Eighteen Ltd for a couple of days now. According to a market source, the stock is getting re-rated ahead of the debut of rival TV Today on the stock exchanges.

TV Today, which runs the Hindi news channel Aaj Tak, recently made a public issue of equity at Rs 95 per share. The market is agog with speculation that the stock would debut at a price of not less than Rs 200 per share.

A market source said a large number of investors had borrowed money to participate in the IPO. Since financiers were charging a high rate of interest, the per-share cost has gone up significantly for many investors.

In the unofficial stock market in Ahmedabad, the TV Today stock is said to be quoting at more than Rs 150 per share. The grapevine says the stock would trade well above Rs 200 on debut on the BSE and NSE on January 16.

Meanwhile, speculation has driven up the price of TV18, which closed at Rs 248.10 on the BSE, nearly 12 per cent more than its previous close. Trading volume rose to 3.73 lakh shares on the BSE and more than 10 lakh on the NSE.

GAIL under selling pressure

THE stock of GAIL India Ltd has been under tremendous selling pressure from a foreign brokerage house. The broker is reported to have sold more than 70 lakh shares over the past few sessions.

A market source said several other investors are also encashing their holdings in the gas marketer to be ready with funds to participate when the Government sells 10 per cent of its holdings. The stock lost a little over 4 per cent on the BSE to close at Rs 238.20 apiece. While about 44.5 lakh shares were traded on the BSE, more than 1.1 crore shares changed hands on the NSE.

IT survey on broker

THE Income-Tax Department did a survey of the books and premises of a large proprietary trader and a medium-sized local brokerage a couple of days ago, a market source said. The survey is said to have been routine.

Meanwhile, a large domestic broking house is said to have sold stocks worth about Rs 200 crore in the first two days of the week, reportedly after its bankers directed it to reduce positions. The broker completed the sell down on Tuesday, the source said.

Dinesh Narayanan

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