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Dinesh Narayanan

INVESTORS jacked up the price of Digital Globalsoft on Monday to beyond Rs 750 a share, the floor price at which HP India has offered the public to buy shares of the company through a reverse book building process. This is the first time the share price has topped the public offer rate after HP made the announcement a week ago. Many dealers expect HP to substantially increase the open offer price. Digital shares hit their year-high of Rs 783 before closing 8.22 per cent up at Rs 762.70 on the BSE. About 28 lakh shares changed hands on the BSE and NSE together.

MTNL riding on dividend hopes

BUYERS made a beeline to the counter of MTNL on rumours that the state-owned telecom operator would offer a high dividend. Investors are expecting all profit-making public sector units to pay large dividends to help the Government shore up its fiscal deficit. The stock closed marginally up at Rs 119.20 on the BSE. About 4.4 lakh shares were traded on that exchange, with NSE registering a little over 10 lakh shares .

IDBI: Bill clears the way

INSTITUTIONAL investors rushed to stock up on shares of IDBI on Monday even as the Lok Sabha cleared the term-lender's path to universal banking. The Lower House passed the Bill that would enable IDBI to become a bank, possibly by reverse merging itself with its subsidiary IDBI Bank. Two large foreign brokerages have been constant buyers at the counter for a while now. The stock closed 6.3 per cent higher at Rs 62.40 on the BSE. A little over 48 lakh shares were traded on the NSE and BSE together.

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