The Hindu Business Line : Bharat Forge revs up on order talk

It closed at Rs 1,015.90, up 1.7 per cent on the BSE. On the NSE, it closed at Rs 1,017.70, up 1.65 per cent. Dealers said there was select buying in the stock on expectation of export orders from Europe. The exact quantum of orders was not known. Company officials were also not available for comment. Dealers said this order is likely to be for the next financial year and would keep the growth momentum for the company.

Pantaloon Retail rises on warehousing

PANTALOON Retail posted further gains on Wednesday with a section of market players accumulating it.

Dealers said some of the players were warehousing the stock for FIIs. Last week, shareholders approved hike in investment limit to 40 per cent. The RBI notification to FIIs is also expected soon, dealers said.

At present, FIIs are not allowed to make fresh purchases of Pantaloon Retail. Talk is that most of the FIIs are bullish on the stock, but the deterrent is the investment cap. To offer the shares to FIIs, some market players were, therefore, accumulating them.

On Wednesday, the stock gained 6.05 per cent at Rs 660.05 on the BSE with volumes of 14,814 shares. On the NSE, it closed at Rs 658.90, up 5.47 per cent, with volumes of 28,643 shares.

Pioneer Embroideries gains as promoters dilute stake

A MID-CAP stock that is buzzing on promoters' diluting their stake is textile company Pioneer Embroideries. Dealers said in the last couple of days, promoters have sold around five lakh shares in the open market. Select market players purchased these shares. They are supposed to be bullish on the stock given its focus on the retail sector. The company has started opening retail outlets under the `Hakoba' brands.

With overall market interest in textile stocks, several broking firms too have started telling their clients to buy the company's shares. On Wednesday, the stock price of the company gained 10 per cent at Rs 111.70 on the BSE with volumes of 4.57 lakh shares.

Virendra Verma

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