The Hindu Business Line : Vimta Labs on growth prospects

THE stock of Vimta Labs is being eyed by market players after a leading foreign broking firm met the management of the company recently and informed its client about it.

Even though the brokerage firm has not yet recommended the stock, market players have turned bullish on the stock. Market talk says that the company is set to witness sharp growth in its top line and bottom line in the next couple of years.

Some market players with interest in the stock have started accumulating the stock.

On Tuesday, the stock of the company gained 6.63 per cent at Rs 319.45 on BSE with volumes of 7,857 shares.

TCS offer plays spoilsport

EVEN though the outlook for technology stocks remains positive, there is selling in most of the top-rung IT stocks. Among the list are Wipro, Infosys, Satyam Computer, MphasiS and Patni Computer.

Dealers said the selling was due to the TCS' initial public offering, which is likely to hit the market by end of July. The talk is that several funds managers, both in India and overseas, have started looking at the IPO seriously, though it is said none wants to commit fresh funds in the IPO.

Due to this, they have started selling in top-rung IT stocks to keep funds for the TCS offer. Other than this, the fall in the stock was due to a leading foreign broking firm's technical analysts advising its clients to sell Indian IT companies stocks.

Sintex Ind: Promoters on song

SINTEX Industries, a company engaged in the business of textile and plastics, gained sharply on Tuesday. The stock price of the company rose 11.41 per cent at Rs 119.15 with volumes of 44,617 shares on the BSE; on the NSE, it closed at Rs 118.50, up 10.75 per cent with volumes of 58675 shares.

Dealers said the rise in the stock price of the company was due to the promoters buying shares from the open market. In early 2004 also, they purchased the shares from the market.

The buying from the open market by the promoters indicates that the company is likely to report good performance, dealers said. Some of the dealers said the interest in the stock is also due to the interest in the textile sector.

Virendra Verma

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