The Hindu Business Line : Bajaj Hindustan on FIIs' radar

THE stock of sugar company Bajaj Hindustan is on the radars of several foreign investors. Dealers said the stock of the company is being bought by several FIIs in the last few days.

If the market talk is to be believed, these FIIs are bullish on the company as it is one of the biggest players in the Asian sugar industry.

The plans to acquire companies are also bringing interest into the stock. Another reason for the interest of FIIs is on expectation of rise in sugar price in later part of the year due to low sugar production. The main beneficiary of this would be Bajaj Hindustan as it is the largest producer of sugar in India.

On Monday, the stock price of the company gained 4.94 per cent at Rs 61.60 on the BSE with volumes of 1.97 lakh shares; on the NSE, it closed at Rs 61.50, up 5.04 per cent with volumes of 2.68 lakh shares.

Fund backing seen

THE interest in public sector Neyvelli Lignite stocks was back on Monday. Dealers said the main buying in the stock came from select institutional investors who feel that the stock is under valued at current levels.

The talk is that the company is undertaking various power projects and the benefits of this could come in the next couple of years. Moreover, the reforms in the power sector would also benefit the company.

On Monday, the stock price of Neyvelli Lignite gained 8.01 per cent at Rs 49.90 on the BSE with volumes of 26.90 lakh shares; on the NSE, it closed at Rs 49.95, up 8.12 per cent with volumes of 56.22 lakh shares.

Rusted for now

The counter of Kirloskar Ferrous was down on Monday as the buying in the counter is finished. Dealers said over the last few days, there was active buying from select institutional investors and this buying is understood to be over.

Other investors, who had also turned buyers with these institutions, also sold the stock as the first quarter results of the company were much below their expectations It reported lower net profit of Rs 84 lakh as against Rs 3.28 crore a year ago.

On Monday, the stock closed at Rs 24.30, down 7.95 per cent with volume of 9.82 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
UTI Mutual to pay 0.3% on short-term liquid plans

Bulls march ahead

Icnet plans revival after securing TIIC waiver

Singer India volumes spurt

Bajaj Hindustan on FIIs' radar

`Our medium-term outlook is positive on equities'

Index heavyweights pull Sensex to positive territory