The Hindu Business Line : Selective buying seen in Ahmednagar Forgings counter

THE counter of auto components company Ahmednagar Forgings was locked in 10 per cent upper circuit on Monday. The stock price closed at Rs 105.60 on the BSE with a volume of 57,266 shares; on the NSE, it closed at Rs 106.10 with a volume of 73,555 shares.

Dealers said there is select interest in the counter over the last few days. This interest is due to several orders the company is getting over the last few quarters. These orders are due to Amtek Auto holding 62.57 per cent in the company and it is actively using Ahmednagar Forgings for executing new orders. Moreover, players are comparing the valuation of Ahmednagar with Amtek and feel that the stock is cheaper.

Fresh buying from FIIs

THE stock of Tata Consultancy Services (TCS) shares on Monday closed over Rs 1,000 for the first time since its listing last month. On the day of listing, the stock touched over Rs 1,000 but closed below the four-figure mark.

Dealers said there has been fresh buying interest from FIIs, especially pension funds. Talk is that a leading US-based pension fund bought large quantity of TCS shares and this resulted in rise in stock price.

They said several broking houses are also advising their clients to buy TCS, as they feel that the stock is under-valued at current levels compared to other leading software companies. On Monday, it closed at Rs 1004.40, up 1.55 per cent, on the BSE with a volume of 9.27 lakh shares; on the NSE, it closed at Rs 1003.50, up 1.49 per cent, with a volume of 26.13 lakh shares.

Fails to sustain momentum

AFTER opening firm and hovering over 5400 levels for a major portion of the day, BSE Sensex failed to sustain this level in the last one-hour of trading. Dealers said major selling was seen in the index through basket trading and pulled it this level. This was due to selling by select funds as they feel that the stock prices are likely to fall from these levels.

The view in the market is that indices - Nifty and Sensex - are being maintained at higher levels due to active buying in pharma and FMCG stocks.

Virendra Verma

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