The Hindu Business Line : Parent pares stake

THE founders of MphasiS BFL sold the shares of the software company on Monday. Mphasis Holdings, founded by Jerry Rao and others, sold over 2 lakh shares of MpahsiS BFL in the open market at Rs 249 a share on the BSE.

The buyer of these shares was FII- Aberdeen Asset Management A/c Aberdeen International India Opportunities Fund Mauritius Ltd. This FII already has over two per cent stake in the company.

Dealers said there was nothing surprising over the deal, as the sale by Mphasis Holdings was `meagre'. The company holds over 59 lakh shares (or 16.74 per cent stake) in MphasiS BFL. Andthere was no any major changes in the stock price.

The stock closed at Rs 245.50, up 1.13 per cent, with volumes of 2.01 lakh shares on the BSE. On the NSE, the stock closed at Rs 242.14, down 1.22 per cent, with volumes of 6,506 lakh shares.

Back in buy list

The counter of public sector Punjab National Bank is back on the buy list of several investors, after being hammered down following the formation of new government.

If the market talk is to be believed, two leading domestic broking firms have again turned bullish on the counter. These two firms are believed to have bought large quantity of shares on Monday for their domestic and foreign institutional clients. This buying resulted in sharp rise in the stock price of the bank.

PNB closed at Rs 298.15, up 5.09 per cent, with volumes of 9.09 lakh shares on the BSE. On the NSE, the stock closed at Rs 295, up 6.25 per cent, with volumes of 34.79 lakh shares.

Basket selling in IT

AFTER remaining firm over the last few weeks, some selling in IT stocks was seen on Monday. Dealers said most of the selling in IT stocks was during the closing hours of trading.

The talk is that a leading US-based foreign broking firm sold several baskets of IT stocks.

Dealers said institutional investors have started selling and buying a select basket of stocks as per their requirement. This is similar to buying and selling of index stocks through basket trading.

The selling in the IT stocks resulted in key IT stocks such as Infosys and Wipro closing lower. The selling in these stocks also resulted in the NSE Nifty and the BSE Sensex closing lower from the day's peak level.

Virendra Verma

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