Financial Daily from THE HINDU group of publications
Saturday, Mar 20, 2004
Financial Daily from THE HINDU group of publications Saturday, Mar 20, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Big buyer in bank
A DELHI-BASED corporate raider is said to be accumulating the stock of Chennai-based Indian Overseas Bank. According to the market grapevine, the businessman, who had mounted a takeover bid on a Mumbai-based shipping company a couple of years ago, has been buying shares of the bank for a while now. While the talk has been doing the rounds for a couple of days now and the bank has told the BSE that it does not have any specific information of the purchases, speculation has refused to subside. Trading volumes at the counter have also been on the higher side over the past several days. The IOB stock gained more than 10 per cent on Friday to close at Rs 53.05 with a volume of nearly 34 lakh shares on the BSE. About 76 lakh shares were traded on the NSE.
The MSCI factor ONE large foreign fund is said to have been selling shares of Reliance Industries in large quantities to adjust its portfolio for inclusion of new Indian equities in the Morgan Stanley Capital International (MSCI) index. The stock of the country's top oil exploration company ONGC and leading carmaker Maruti are being included in the MSCI index from April 1. According to a source, the FII is replacing Reliance shares with the ONGC stock. However, he said that the selling is tapering out and new buyers appear to be lining up at the counter. The stock closed more or less flat at Rs 523 on the BSE on Friday. While about 52 lakh shares were traded on the exchange, more than 78 lakh shares changed hands on the NSE.
PSUs in demand THREE top foreign institutional investors are said to be actively buying select PSU stocks. According to a source, one of them is buying oil company stocks, while the other two are accumulating more State-owned banks' shares. The BSE's PSU index climbed about 10 points on Friday to close at 3,804.
Dinesh Narayanan
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