The Hindu Business Line : Late-hour interest

Dealers said over 1.5 crore shares (both on the BSE and the NSE) were traded in the last one hour of trading with rise of around 10 per cent in the stock price.

At close, the stock gained 15.78 per cent at Rs 10.27 on the BSE with volumes of 95.35 lakh shares; on the NSE, it closed at Rs 10.30, up 16.38 per cent, with volumes of 1.88 crore shares. Of the 2.83 crore shares traded, around 95 lakh shares were marked for delivery.

Dealers said the active buying in the last one-hour was mainly on market expectation of some positive announcement from the Government about acquisition of IFCI by a bank or financial institution.

Earlier, PNB was to acquire IFCI; however this has not happened even after more than six months of announcement.

The talk is that apart from PNB, other banks are also interested and the government may look at it fresh.

Fine wavelength on firmer price

SHARES of optical fibre cable companies were back on the radars of several market players.

Some of the stocks that saw active buying interest include Vindhya Telelink (up 9.26 per cent at Rs 41.90), Aksh Opticfibre (up 8.94 per cent at Rs 20.10), Sterlite Optical (up 2.11 per cent at Rs 58), Finolex Cables (up 2.76 per cent at Rs 136.05) and Surana Tele (up 3.95 per cent at Rs 47.35).

Dealers said the interest in the stock is due to the rise in the price of optical fibre cables over the last few months.

In the first quarter of this year, several optical fibre companies were making operating profit due to better prices. Now the prices have further increased, the companies are expected to make profit on net level.

The talk is that several of the companies, which have reported losses for several quarters, are expected to turnaround in the current quarter.

Fall on profit bookings

After witnessing increased buying in recent times, several top IT counter saw some selling pressure. The list included Infosys Technologies, TCS, Wipro and Satyam.

Selling in the IT counters was also seen from the fall in the BSE-IT Index, which was down by 1.35 per cent, the highest fall among all the sector indices of the exchange.

Dealers said there was not any major reason for the fall and most of the players were partially booking profits in these counters as they had moved the most in the overall rise in the stock market.

Virendra Verma

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