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WITH the merger of IDBI Bank and IDBI almost complete, there is accumulation happening in the counter of IDBI.

Trading in IDBI Bank has already been suspended post merger.

Market talk indicates that IDBI is being viewed in the market as a bank rather than a financial institution.

Several market players who have a fancy for bank stocks are accumulating the stock in the last few days. This has already pushed the stock price up by 20 per cent.

The talk is that the once the merger is through, there would be re-rating of the stock and would get higher price earning multiple similar to other banks.

On Wednesday, the stock of IDBI gained 3.37 per cent at Rs 96.65 on the BSE with volumes of 29.67 lakh shares; on the NSE, it closed at Rs 96.75, up 3.53 per cent with volumes of 79.03 lakh shares.

Techtran Poly gains on restructuring hopes

THE stock of Ophthalmic spectacle lenses maker Techtran Polylenses gained sharply on Wednesday.

It gained 19.3 per cent to Rs 23.80 on the BSE with volumes of 6.10 lakh shares.

Dealers said the rise in the stock is due to the good outlook for the company's business.

The talk is that the company, in the past, has gone through rough patches and it had overcome all of them.

The recent debt restructuring by IDBI is also considered as one of the factors for the company coming out of troubled waters.

The talk is that the company is set to come out with strong financial performance in the 2006-07 financial year and this has led to some market players taking positions in the stock.

Selling pressure at IT scrips

ON a day when there was buying interest in most of the sector stocks, IT sector bucked the trend.

The BSE-IT index was down 0.99 per cent and the NSE's CNX- IT Index slipped 1.12 per cent.

Among the stocks to pull down the indices included Infosys, TCS and Wipro.

Dealers said there was no particular development that led to weak sentiment towards the sector. It was more a case of selling pressure in leading IT stocks dragging the entire sector down.

Moreover, the talk is that there was accumulation in IT stock ahead of Infosys second sponsored ADS.

Since the response was very good and part of the shares tendered would be returned to the investors, some selling is coming ahead of this development.

The talk is the Infosys shares should be back with the investors this week or next.

Virendra Verma

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