The Hindu Business Line :

FLEXTRONICS Software Systems has been rising constantly. In the last one month, the stock rose 10 per cent. On Wednesday, the stock closed at Rs 669.80, up 1.79 per cent on the BSE, with volumes of 40,605 shares; on the NSE, it closed at Rs 669.25, up 1.68 per cent, with volumes of 36,641 shares.

Traders said constant buying in the counter is seen from select market players. The talk is that the parent of the company is likely to increase the offer price to over Rs 700. Flextronics parent had earlier announced that it will pay not more than Rs 575 a share for delisting the shares of the company.

Sterlite Opticals up on revival talk

ON a day when there was selling in most of the mid-cap stocks, Sterlite Opticals bucked the trend.

The stock rose 5.23 per cent at Rs 114.70 on the BSE with volumes of 18.35 lakh shares; on the NSE, it closed at Rs 114.80, up 5.47 per cent, with volumes of 37.81 lakh shares.

Dealers said there is buying interest in Sterlite Opticals from several investors, who have been active in the last few weeks. The buying is due to the revival of the optical fibre business across the world, which had led to rise in its price.

In India also, the demand has gone up due to investment by major telecom companies to provide broadband services and other related services.

The turnaround for the company last year is also seen as positive for the company. Its entry into Chinese market, where the company has received good response is considered a big growth in the next few years.

Stocks recover on short-covering

TRADERS had a volatile day on Wednesday as Sensex and Nifty moved up and down sharply throughout the day. Dealers said most of the recovery in the key stocks of Sensex and Nifty was in the last one hour. This was due to short covering by traders who had gone short in the morning.

Dealers said several traders have not covered their part of the positions in the derivatives market and they have to do it on Thursday and this could lead to similar volatility on the last day (Thursday) of derivatives expiry.

Virendra Verma

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