The Hindu Business Line : Sintex India shines on FII buying

THE stock of textile and plastic company Sintex India has been bought by several FIIs of late. Buying by FIIs in this counter was seen on Thursday also.

The stock price of the company gained 2.30 per cent at Rs 184.45 on the BSE with volumes of 1.01 lakh shares; on the NSE, it closed at Rs 184.20, up 2.16 per cent, with volumes of 3.54 lakh shares. Dealers said the interest of FIIs in Sintex is due to the good performance of the company in the last few quarters.

In addition, good brand equity of the company's plastic products has also brought interest in the stock. Sintex is market leader in plastic products and its products are used in construction activities. Another reason for the interest is the promoters' buying the shares from open market. Promoters bought large quantities of shares in the June quarter.

Gains on fundamentals

THE counter of mid-cap pharma company Glenmark Pharma is being accumulated by a section of market players.

Talk is that a leading domestic broking firm has started recommending the shares of the company. Main reason for the recommendation is strong growth potential for the company from next year. Moreover, the company has undertaken various R&D initiatives and the result of this is expected from next year. Some players aware of these developments are accumulating the stock this week. The stock closed at Rs 175.15, up 3.75 per cent, on the BSE with volumes of 1.96 lakh shares at Rs 175.10, up 3.70 per cent, with volumes of 4.50 lakh shares on the NSE.

Still in grip of inflation fears

FOR the second day in row, stock prices drifted lower with selling coming from all class of investors. Dealers said the selling on Thursday was on concern of the weekly inflation figures being released on Friday.

Expectation of the market is that the inflation rate is likely to remain flat at 7.5 per cent, as the hike in oil prices on July 31 would not be reflected in the official data.

Talk is that if inflation rises even without this (oil price hike), there would be further selling. However, most markets players have already taken long positions in puts and this is likely to hedge their positions.

Virendra Verma

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