The Hindu Business Line : Block deal spurs volumes

THE stock of UTI Bank witnessed huge volumes on Thursday, particularly on the BSE. Dealers said that a block deal of close to 11 lakh shares propped up the volumes in this counter.

Word on the street is that the block deal occurred at around Rs 116-Rs 117 levels and was reportedly brokered by SSKI. The seller is said to have been Lloyds and the buyer Government of Singapore. The stock ended the day at Rs 122.40, up 1.53 per cent with round 11 lakh shares traded on the BSE. On the NSE, the stock closed at Rs 121.45 up 1.25 per cent with around 1.52 lakh shares traded.

Up on buyback buzz

RUMOURS of a buyback have been dogging the i-flex Solutions stock over the last two trading sessions. Dealers maintain that there is informed buying taking place and this is evident in the fact that delivery volumes have started to pick up.

The stock, which ended the day firm, is expected to remain on the market radar. On the NSE, the stock closed at Rs 549.30, up 1.18 per cent, with around 64,806 shares traded. On the BSE, it ended at Rs 549.20, up 1.12 per cent, with around 17,202 shares traded.

Gains on fund support

SUSTAINED fund support saw the stock of HDFC Bank gain strength on the bourses on Thursday. Dealers said the momentum was more on account of portfolio shifting.

According to the market grapevine, a buy recommendation by Morgan Stanley saw market interest soar at this counter. The report is said to have gone negative on PSU banks and recommended switching to HDFC Bank and ICICI Bank. "Valuation wise HDFC Bank has a higher PE multiple than any other private sector bank. The market also finds it a more stable option," said a broker. The stock ended the day at Rs 379, up 2.35 per cent, with around 6.89 lakh shares traded on the NSE. On the BSE, the stock ended at Rs 378.50, up 2.26 per cent, with around 6.41 lakh shares traded.

Losing ground

SUSTAINED fund selling saw the stock of Grasim lose ground. The market was also awash with talk that cement prices have come off by Rs 2-Rs 3 in north, east and west of India, which may have also impacted the counter today.

However, analysts maintain that cement prices do soften during monsoons and it is a seasonal phenomenon. The demand-supply scenario is said to be much positive. Brokers speculate that institutional selling on account of redemption pressure may have resulted in the stock coming under pressure. Market talk has it that UTI sold through SUS 91 along with some amount of stray FII selling.

The stock ended at Rs 1016.40, down 4.12 per cent, with around 6.07 lakh shares traded on the NSE. On the BSE, the stock closed at Rs 1015.65 down 4.17 per cent, with around 1.82 lakh shares traded.

Deeptha Rajkumar

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