The Hindu Business Line : Crest Animation sizzles on stake sale hope

THE counter of Crest Animation was locked in 20 per cent upper circuit on Wednesday. The stock closed at Rs 160.65 on the BSE with volumes of 5.52 lakh shares; on the NSE, it closed at Rs 160.45 with volumes of 4.29 lakh shares.

The stock has gained 94 per cent in the last one month and 47 per cent in a week's time.

Dealers said the active buying in the counter was due to talk of stake sale or a strategic investor is likely to pick-up stake akin to Adlabs deal.

But the exact nature of the deal was not known. Company officials were not available for comments.

Dealers said a mutual fund that has already a substantial stake in the company has started buying the shares of the company from Tuesday.

SpiceJet flying high on fund buying

THE stock of SpiceJet is buzzing in the market in the last couple of days. The stock has already gained more than 15 per cent during this period.

Dealers said this was due to buying by a leading institutional investor. The talk is that this investor is very bullish on the stock and feels that it would report good profits in the first year of its operations.

There is also talk that the company would soon launch night flights on its existing routes in order to have higher utilisation of its aircraft.

Dealers said the company has already raised $90 million through convertible bonds issued in international market and this would be used to acquire more aircraft. The talk is that by the end of the year it will own around 10 aircraft and would increase its reach across the country.

On Wednesday, the stock gained 7.38 per cent at Rs 77.85 on the BSE with volumes of 39.86 lakh shares.

Now Korean funds!

THE stock market is proving most of the market experts wrong as stock prices fails to fall even after the sharp rise. The talk is that this is due to a leading foreign fund house raising around $170 million from South Korea for an Indian-dedicated fund. This was one of the reasons for most of the stock prices firming up on Wednesday.

Dealers said investors in Korea and Japan are bullish on Indian equities.

Virendra Verma

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