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CREEPING acquisition by Nestle India's parent continued on Tuesday.

Dealers said the Swiss multinational bought around 5-6 lakh shares from the open market. The price for the deal was around Rs 585-590. The seller of these shares was a leading domestic mutual fund. This deal is understood to be of around Rs 35 crore.

Buying by the Nestle parent also had a positive impact on the stock price. The stock gained 4.11 per cent at Rs 594.30 on the BSE with a volume of 7.39 lakh shares.

Over the last one year, the parent of the company has also ready increased its stake in the company from around 58 per cent to around 60 per cent. Talks are that the parent is to further consolidate its holding in the company by the end of the calendar year.

Even some market players feel that the ultimate plan of the parent is to de-list the stock from the stock exchanges as done by various multinationals over the last couple of years.

Heavy selling in Satyam Comp

THE counter of Satyam Computer saw heavy selling on Tuesday. The talk going around in the market was that a leading US-based FII placed large quantity of shares for selling. A large section of the market was confused with the sale in the counter even as other technology stocks gained.

But the fall in the stock price had nothing to do with any adverse development in the company. A dealer said the stock fell as this US-based FII wanted to exit the stock.

The stock ended 5.64 per cent lower at Rs 246 on the BSE with a volume of 92.84 lakh shares; on the NSE, it closed at Rs 245.15, down 6.11 per cent with a volume of 2.33 crore shares.

Steel stocks lose steam

STEEL sector stocks are losing steam after last week's Nippon Steel blast.

Market players are talking of some kind of export restriction from China for selling in the steel stocks. But the fall is due to a leading market player losing his grip on steel stocks, the main factor for which is that most of the institutional investors have already bought large quantity of steel shares.

Several institutional investors that had entered the stocks in the early stage of the rally are partially booking profit. Most of the top-rung steel companies' shares such as Tata Steel, SAIL, Jindal Steel, Ispat Industries and Essar Steel fell.

Virendra Verma

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