Financial Daily from THE HINDU group of publications
Tuesday, Aug 17, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 17, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Turnaround talk helps Strides Arcolab
STRIDES Arcolab has been witnessing sustained buying interest in the recent past with the stock having moved up 13.43 per cent in the last three trading sessions from around Rs 138.10 levels. While the stock ended the day weak on Monday, there was talk that GOS was a large buyer. Also said to be following the fortunes of the stock is the Kolkata-based broker, Mr Ajay Kayan, whose interest in the counter is a well-known fact. Another entity speculated to be mopping up shares at this counter is Reliance Mutual Fund. Closer home, brokers attempted a more simple explanation for the said interest, citing it as a turnaround story. The stock ended at Rs 156.65 (BSE) and Rs 156 on the NSE.
Acquisition talk jigs well for GAIL RUMOURS of an acquisition on the cards saw the counter of GAIL (India) witness good volumes on the bourses on Monday. Brokers said that this helped to set aside concerns that GAIL will no longer have a monopoly on distribution of gas. There is speculation that it could be a 15-20 per cent acquisition in natural gas. The stock ended stable at Rs 178.70 (BSE) and Rs 178.80 (NSE).
Media in focus NEWS continued to drive interest in media and entertainment stocks with counters from Balaji Telefilms, Tips Industries, SAB TV, Zee Telefilms, Padmalaya Telefilms etc all witnessing sustained buying interest on the bourses on Monday. Apart from the oft repeated rumours of a leading mutual fund shoring up its portfolio ahead of its media fund launch, today the grapevine was also abuzz with rumours of Sri Adhikari Brothers (SAB TV) in talks with Sony or NDTV for the sale of its channel. Similar rumours of a stake sale spurred the stock of Balaji Telefilms. While SAB TV ended the day 8.66 per cent higher on the BSE at Rs 86.60, an interesting fact to note is that the counter has seen a sharp jump in volumes over the last three trading sessions to 3.89 lakh shares.
Deeptha Rajkumar
More Stories on : Stock Markets | Ear to the ground
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