The Hindu Business Line : Stake sale talk

AFTER several positive developments in the last few months for telecom major Bharti Tele-Ventures, some negative news is expected soon. If the market talk is to be believed, Warburg Pincus, a big investor in the company, is likely to exit. The move has nothing to do with the developments in the company, but it intends to exit as it had invested even before the company came out with IPO. The holding period for this investor is more than 4 years now.

Talk is that Singtel, which also has stake in the company, might pick this stake. But the fear in the market is that the sale of this stake may not happen at the current market prices and this resulted in several market players selling their holdings.

On Friday, the stock was down 5.50 per cent at Rs 141.80 on the BSE with volumes of 10.32 lakh shares; on the NSE, the stock closed at Rs 142, down 5.24 per cent with volumes of 30.42 lakh shares.

Cruising well on orders

THE counter of Praj Industries, an engineering company, is on the rise in the last few trading sessions. In fact, the stock is hitting the five per cent upper circuit in the last three trading sessions on the BSE.

Dealers said the interest of the market players has increased due to the good order position in the current fiscal. The company has confirmed order for the first three quarters and if market talk is to be believed, it has order for the full fiscal.

On Friday, the stock of the company gained 4.98 per cent at Rs 102.15 on the BSE with volumes of 69,657 shares; on the NSE, the stock closed at Rs 100.45, up 1.46 per cent, with volumes of 1.93 lakh shares.

Active buying again

AFTEK Infosys gained on a day when there was selling in most of the technology stocks. Dealers said a leading market player has started building position in the stock. This player was bullish in the counter during the boom in technology stocks in 1999-2000. This week, there has been accumulation in the counter by this player.

On Friday, the stock gained 2.95 per cent at Rs 75.10 on the BSE with volumes of 4.20 lakh shares and on the NSE, it closed at Rs 75.25, up 2.73 per cent, with volumes of 5.80 lakh shares.

Virendra Verma

More Stories on : Stock Markets | Ear to the ground

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Way2Wealth in Madurai

RBI mulls allowing investments in overseas index funds

Shriram Investments to issue shares to Reliance Capital

Bears prevail

Sensex down 112 points; Tata group cos shine

PSU oil, refinery stocks decline

Stake sale talk - a wrong call?

Sintex closes higher amid all-round selling

IOC: Outlook negative, sell June futures

Franklin Templeton merges some schemes

Sensex slumps as bears dominate

Transfer of ownership — Tata Sons to get Rs 2,300 cr from TCS