The Hindu Business Line : Elgi up on active buying

Dealers said the buying in the counter had emerged after a good order from a US compressor maker. The talk was that US company had given order mainly for its US clients. This order was expected to boost the topline and bottomline in the next few quarters.

There is also talk that the US company has started buying the shares of the company from the open market and intends to further increase the stake. This is mainly done to have stronger association with Elgi Equipments.

Dealers said recently a lot of 3 lakh shares had been bought by this US company through a leading domestic broking.

Based on this, several informed players also picked shares on Friday. The stock gained 5.86 per cent at Rs 56.95 on BSE with volumes of 4.02 lakh shares. On the NSE, the stock closed at Rs 57.05, up 6.44 per cent with volumes of 5.53 lakh shares.

More interest from Petrodyne

THE stake of Petrodyne is attracting a lot of buying interest in the Tata Power stock. The company is subsidiary of Tata Power.

Dealers said the bidding for Tata Power stake was expected to be aggressive as several big players such as GAIL and BPCL had shown interest. Talk in the market is that Tata Power is to make a return of at least of 100 per cent on its investment of Rs 145 crore.

Several funds have already bought large quantity of the company's shares over the last few days.

Other than the stake sale, the interest in the power sector is also seen as a reason for the rise in the stock price.

On Friday, the stock gained 3.06 per cent at Rs 190.30 on the BSE with volumes of 7.74 lakh shares. On the NSE, Tata Power closed at Rs 191.20, up 3.86 per cent with volume of 15.81 lakh shares.

HPCL slips on ex-dividend

THE HPCL stock fell by almost five per cent at close on Friday. Dealers said the fall in the stock price had nothing to do with the Supreme Court reserving the order on disinvestment.

The reason for the fall was the stock going ex-dividend from Friday. The company has announced a dividend of 180 per cent or Rs 18 per share.

On Friday the closed at Rs 410.60 on the BSE compared to Thursday's closed of 431.70 or a fall by Rs 21.1. The talk is that several players got panic with the huge volatility in the counter and most of the players ignored that the stock is trading ex-dividend.

Article E-Mail :: Comment :: Syndication

Stories in this Section
HSBC MF moots gilt scheme

Bull onslaught

Elgi up on active buying

HPCL witnesses active trading

`Central Listing Authority will have the final say'

Sensex ends at 31-month high

SEBI norms in place for ombudsmen — To redress investor woes

NSE slaps special margin on 16 stocks — BSE cautions investors on illiquid scrips

`Investors must be made to look at alternative options'

Need to win investors' confidence: Joshi