Financial Daily from THE HINDU group of publications
Thursday, Mar 24, 2005
Columns - Ear to the ground
Indiabulls down on bearish sentiment
THE stock of broking company Indiabulls Financial Services has been on a downturn lately. With the equity markets in a bearish phase, there is concern that the company's retail business may not take off as early and as well as intended, according to brokers, leading to poor sentiment currently.
The stock lost Rs 4.95 on Wednesday to close at Rs 95.25 on the NSE with 3.83 lakh shares being traded. On the BSE, it ended at Rs 94.20, down 4.70 per cent, with 8.45 lakh shares traded. The stock has come off by over 20 per cent since the beginning of the month. On the BSE
Tata Infotech: Order talk keeps it busy
The stock of Tata Infotech touched its 52-week high on speculation that the company has bagged some big orders. Market rumour has it that the company is about to enter into a client contract on IT-enabled services. The stock of this lesser known cousin of TCS has been on a whirl during the last few days.
The stock touched its 52-week high of Rs 499 on Wednesday on the BSE before profit booking moved it downwards to close at Rs. 479.30. About 1.20 lakh shares were traded on the stock. On the NSE, the stock ended Rs 476.05 with 71,590 shares being traded.
Brokers say the free float of the stock is very little, while 74 per cent of the company is held by Tata Sons; public shareholding is only about 16 per cent. The low float makes the stock susceptible to sharp volatility.
FIIs active in Chambal Fertilisers
FOREIGN institutional investors have been very active in the Chambal Fertiliser. The stock has been having a good run in the last few weeks. It touched its 52-week high of Rs 35.60 early February.
Though some of the sheen has come off, brokers say that FII interest would make the stock more attractive now. The stock closed today at Rs 28.25, down 35 paise from Tuesday's close, a marginal drop on a day when the BSE Sensex lost 1.24 per cent. On the NSE, it closed at Rs 28.25 with 18.27 lakh shares being traded.
Currently, FIIs hold only 17,600 shares in the company. Indications are that there would be an increase in their holding up to a range of 4-5 per cent, say brokers.
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