Financial Daily from THE HINDU group of publications
Friday, Apr 22, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 22, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Voltas on high voltage
THE stock of Voltas has been in the spotlight for the last few trading sessions. Despite rocky market conditions, the stock has been trading on very high volumes. Dealers say that as the company has not announced any bonus for a long time, market players are speculating a possible 1:1 bonus from the company. It is expected to announce its results towards the end of May. The liquidity of the stock is also on the wane now, as buyers are accumulating the shares, say the dealers. This behaviour usually precedes a bonus announcement.The stock closed on Thursday at Rs 237. It has appreciated by over 6 per cent in the last month.
Hedge funds buying THE recent volatility in the bourses has brought hedge funds back into the markets as active traders. Dealers say that activity by hedge funds has been intense during the last week. Every sharp fall in the indices was met by hectic buying from domestic mutual funds and hedge funds. As the markets were closed last Thursday, the first day of the sharp fall in Asian bourses, Friday morning's trade was a selling mayhem led by these funds. Hedge funds are making the most of the volatility to tweak their portfolios. The updating of portfolios is for both India-specific holdings as well as the pan-emerging markets' portfolio, according to market sources.
Betting on performance
The stock of BHEL is witnessing extremely high volatility. The stock has been on a bullish run, ahead of the announcement of the results. While analysts have predicted good results for the sector overall, the talk is that BHEL's performance may exceed market expectations. Dealers say that the run-up in the stock is also backed by the performance of other companies in the sector, though their scales of operation are very varied. The company is expected to announce its results on April 28. The stock gained Rs 21.50 on Thursday to close at Rs 795.75.
Veena Venugopal
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