The Hindu Business Line : Jammu & Kashmir Bank up on performance hopes

Dealers said that the rise in the stock price was in anticipation of good financial performance expected for the September quarter. Dealers said that last year, the bank performance was affected due to fall in treasury income and provision of bad debts.

The talk is that both these factors would not affect the company's performance in the current fiscal. The bank's decision to spread its business outside the State is also seen as positive.

Alps Industries slips after second offer

SHARES of Alps Industries are on a downward move over the last few days. On Monday too the stock was down. It closed at Rs 122.85, down 6.76 per cent, with a volume of 2.22 lakh shares on the BSE and on the National Stock Exchange, it ended at Rs 123.95, down 6.59 per cent with a volume of 2.21 lakh shares.

Dealers said the fall in the company's stock price is due to its follow-up public issue at Rs 120. According to them, several market players who expect to receive shares in the second issue are selling the shares at a higher price.

Several of them had sold their shares in the market and applied for the public issue and this is leading to selling pressure.

Another factor for the fall in stock price is that the net profit of the company may not rise in line with the increase in the equity capital.

Praj Industries: Big hand behind selling?

SHARES of Praj Industries are under selling pressure. On Monday, the stock was down 3.86 per cent at Rs 88.40 on the BSE with a volume of 1.20 lakh shares and on the NSE, it closed at Rs 89.75, down 2.34 per cent with a volume of 2.52 lakh shares.

Dealers said the fall in the stock price is on fear of heavy selling by some big investors in the near future. A big investor, Mr Rakesh Jhunjhunwala, has already sold more than 2 per cent stake in the company.

Some directors of the company are also selling in the stock. There is apprehension of some more selling. However, some FIIs and other big investors are believed to be buying these shares.

Fidelity, a leading FII, has already picked up more than 5 per cent stake from the open market in the last couple of months.

Virendra Verma

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