The Hindu Business Line : Promoter buying props up Aban

Dealers said the rise in the stock price is on talks that the promoters of the company are purchasing the shares of the company from the open market at current price levels.

Market players believe that a promoter purchasing the shares, after a rise of almost 80 per cent in last 3-4 months, indicates the bright future of the company.

Last month, one of the directors of the company bought over 10,500 shares from the open market. Talks are on that in the current financial year, Aban is likely to report a sharp jump in net profit due to adding of more rigs.

On Friday, the stock price of the company gained 4.30 per cent at Rs 850.45 on the BSE with a volume of 15,076 shares. On the NSE it closed at Rs 843.05, up 3.51 per cent with a volume of 1.24 lakh shares.

Outlook positive for TFCI

WITH the outlook for the tourism sector looking bright in the current fiscal, market players have started purchasing shares of Tourism Finance Corporation of India (TFCI).

Dealers said the company was into financing tourism projects, and several projects were coming up in the country.

Since TFCI is the sole financial institution catering to the sector, it would receive most of the proposals.

Other than this, some of the loans, which had turned NPAs, have also begun performing due to the revival of the tourism sector.

Several market players on Friday purchased shares of the company on these developments. The stock price gained 8.80 per cent at Rs 11.74 on the BSE with a volume of 1.27 lakh shares. On the NSE, it closed at Rs 12, up 11.11 per cent with a volume of 6.53 lakh shares.

Maruti Udyog stock slips

THE Maruti Udyog stock slipped on Friday as several traders shifted their positions to two-wheeler company stocks such as Bajaj Auto and Hero Honda.

It is believed that traders are hedging their positions by shifting from Maruti as they are concerned over the growth in the next few months. Moreover, the revival of monsoon in various parts of the country this week has once again brought back the interest of traders into Bajaj Auto and Hero Honda.

On Friday, the stock of Maruti was down 3.44 per cent at Rs 399.70 on the BSE, while the stock price of Bajaj Auto gained 1.50 per cent at Rs 854.55. Hero Honda gained 1.03 per cent at Rs 452.25.

Virendra Verma

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