The Hindu Business Line : Budget hopes stir up interest

THE counter of Jain Irrigation, a company engaged in drip irrigation, has been on the rise over the last couple of weeks. Several market players are accumulating the stock ahead of the Union Budget.

The talk is that the Budget is likely to lay thrust on micro-irrigation and the beneficiary would be Jain Irrigation. Dealers said if the Government goes ahead with the proposal, the fortunes of Jain Irrigation would change.

Already several market players are speculating on the Government initiative.

On Tuesday, the stock price of Jain Irrigation gained 2.98 per cent at Rs 93.20 on the BSE with volumes of 4.32 lakh shares; on the NSE, it closed at Rs 93.10, up 2.70 per cent with volumes of 6.41 lakh shares.

In limelight on fund `buy'

AFTER witnessing fall in the stock price over the last few weeks, Tata Power was among the major gainers on Tuesday. Dealers said there was active buying in the counter in the last 90 minutes of trading.

The talk is that the buying came after a leading European broking firm put a `buy' on the stock. The market knew this only in the afternoon and after that there was active buying.

On Tuesday, Tata Power gained 6.84 per cent at Rs 251.65 on the BSE with volumes of 32.80 lakh shares; on the NSE, it closed at Rs 251.60, up 6.72 per cent, with volumes of 59.63 lakh shares.

FIIs stocking up

SHARES of Mount Everest Mineral Water, a company into the business of bottled water, are being accumulated by a section of the market. This accumulation is being done partly by FIIs and domestic investors. This accumulation is leading to increased volume in the counter.

If the market talk is to be believed, the company is likely to perform well in the current fiscal after the last year controversy over the mineral water study. Mount Everest is one of the companies that did not find their name in the CSE study, and this has already adding to increased sales to the company.

Moreover, the overall business of bottled water is growing very fast and it is the only listed company of its kind. On Tuesday, the stock of Mount Everest gained 6.25 per cent at Rs 17 on the BSE with volumes of 59,083 shares.

Virendra Verma

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