The Hindu Business Line : PTC losing power

PTC attracted the most number of investors when the Government put up shares of half a dozen companies on sale recently. However, even though huge volumes suggest that the stock is still attracting hordes of investors, the grapevine has it that genuine buying interest may be over and speculators are responsible for most of the action now.

According to a market source, a domestic mutual fund was buying PTC shares to build a portfolio of power sector companies under a newly floated fund. The source also said that one of the top broking firms has sold a large number of PTC shares on behalf of its clients. He said appetite for the stock is falling now as those who wanted it are done with their purchases.

PTC shares fell 3.6 per cent to Rs 55.15, with a volume of 2.36 crore on the BSE and 4.5 crore on the NSE. However, investors actually took delivery of only a little over 63 lakh shares.

Banking on safe havens

BANKING is now considered a "safe-haven" sector. And some among them are safer than the rest, according to some investors.

Foreign institutional investors were said to be buying shares of HDFC Bank and Corporation Bank on Monday because of the uncertainty about the direction of the stock market. While HDFC Bank shares rose marginally to Rs 377.90, Corporation Bank gained nearly 5 per cent to Rs 333.50. The delivery volume at the HDFC Bank counter stood at a high of 4.17 lakh, which was nearly 80 per cent of the total trading volume on the BSE and NSE. The delivery ratio, at over 77 per cent or about 3.6 lakh shares, was quite high for Corporation Bank too.

Sweetening up

THE rather illiquid counter of Balrampur Chini has been witnessing a lot of action over the past few days.

Several institutional investors are said to have stocked up on shares of the sugar company on news that sugar prices would rise because of a shortfall in cane production in key states. The price rise is expected after the elections. A foreign broking firm has nearly doubled its target price for the stock.

The share rose 1.6 per cent to Rs 407.05.

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