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Friday, Sep 20, 2002

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Colour Chem under selling pressure

THE stock market seems to be losing its patience in the Colour Chem counter. The delay in the Securities Exchange Board of India issuing a directive to shipping company Semac's French parent to come out with an open offer resulted in the Colour Chem stock coming under selling pressure.

The market talk is that the open offer price for Colour Chem would be lower than the market expectation. Initially, the offer price was expected to be around Rs 500. However, SEBI is yet to come out with an order directing the parent of Colour Chem to make an open offer for 20 per cent stake. On back of this talk, the stock of the multinational has fallen in the last few days. On Thursday, the stock ended 4.85 per cent lower at Rs 201.45 on the BSE with volumes of 24,400 shares. On the NSE, Colour Chem closed at Rs 202.10, down 3.51 per cent, with volumes of 1.08 lakh shares.

Govt of Singapore sells tech stocks

AFTER being overweight on the Indian tech stocks, the Government of Singapore, an FII in India, seems to be in a sell mode. Dealers said that the new fund manager of the FII for the Indian market was not comfortable with the valuation of the technology companies in India, and therefore was selling in the market. This was one of the reasons for most top-rung technology stocks to end lower on Thursday. There were also talks that the FII was just rebalancing its Indian portfolio and the selling in technology stocks was part of this investment strategy. Some of the technology stocks that closed lower included Infosys, Satyam Computer, HCL Technologies and Digital GlobalSoft.

UTI turns back to oil PSUs

UTI turned buyer in some of the oil PSUs. There were rumours in the market that UTI was actively picking up stocks of Indian Oil, BPCL and HPCL. Dealers said UTI action was mainly value-buying in these counters. These stocks fell sharply after the delay in disinvestment. All these stocks, however, ended higher on Thursday. BPCL ended 0.95 per cent higher at Rs 191.10, HPCL closed 1.89 per cent higher at Rs 186.10 and IOC at Rs 206.85, up 2.5 per cent.

Virendra Verma

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