Financial Daily from THE HINDU group of publications
Wednesday, Apr 07, 2004
Financial Daily from THE HINDU group of publications Wednesday, Apr 07, 2004 |
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Markets
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Stock Markets Funds buying props up Voltas Jayanta Mallick
Kolkata , April 6 THE Voltas stock witnessed a clear breakout on the major bourses over expectations of a better performance in terms of its topline and bottomline for 2003-04. Since March 29, it had been going up, albeit with a low volume. From Rs 96.10 on the closing of March 29, the stock finished today at Rs 136.85, gaining 18.90 per cent. The stock had a volume of 2.74 lakh shares (47,277 shares) on the Bombay Stock Exchange. On the National Stock Exchange, the traded quantity was 6.62 lakh shares (1.57 lakh shares). According to Mr Ajay Jaiswal of Lohia Securities, Voltas being a white goods and capital goods company, its growth is linked to buoyancy in the purchasing power. The recent figures suggested that the economy has done well in the in the last few quarters, particularly in the rural sector. According to dealers, the significant jump in volumes today confirmed that the price rise was largely a function of investment demand. They said a few fund houses aggressively picked up the stock today.
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