Business Daily from THE HINDU group of publications
Thursday, Jun 29, 2006
Business Daily from THE HINDU group of publications Thursday, Jun 29, 2006 |
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Stocks Markets - Stock Markets Columns - Ear to the ground
They said the stock, which was beaten down by more than 50 per cent in just over a month's time, was attracting `bottom fishing' from these operators. There was also talk that a foreign brokerage outfit, which has a long-term interest in India, was buying into the counter at these `lower levels', dealers said. When contacted, a top company official denied that it had any sell-off plans. Recently, Merrill Lynch took about 12.2 per cent stake in India Infoline through an optionally convertible preferential issue. Others such as Citigroup and Deutsche Securities also own about 3.3 per cent and 2 per cent, respectively, in the company. On the BSE, the stock ended at Rs 113.25, compared to Tuesday's close of Rs 99.90. Over 3.5 lakh shares were traded on the counter on the BSE against an average of about 1.6 lakh shares.
Rajesh Abraham
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