The Hindu Business Line : NMDC locked in lower circuit

TALK that China is not going to accept any more iron-ore shipments saw the stock of National Mineral Development Corporation (NMDC) remain locked at the 10 per cent lower circuit on the BSE on Tuesday.

Dealers said that the buzz in the market is that a number of Chinese traders have reneged on their deals/contracts due to which iron-ore shipments are said to be lying around in several ports of South India. The stock, which is not listed on the NSE, ended the day at Rs 313.85, down 10 per cent with very poor volumes.

Subscriber base rings well

THE stock of Bharti Tele-ventures, cellular services major, witnessed sustained buying support for the second consecutive day on Tuesday on the bourses. The counter, which had moved up by 6.42 per cent with around 12.17 lakh shares traded during Monday's trade, jumped another 3.80 per cent to end the day at Rs 146.25 with around 19.2 lakh shares traded.

Dealers said that good subscriber base numbers for May was one reason for the spurt in stock price.

A large domestic brokerage is said to have been shoring up their portfolio with this stock. "Additionally in today's environment it is considered the best telecom play," said an analyst.

Heavy offloading

A large US-based broking outfit that is part of a leading bank, is said to have turned seller at the counters of ONGC and Satyam, reportedly offloading a large quantum on Tuesday.

Dealers were unclear as to the trigger behind this call. There was speculation that it could have been a sale of participatory notes underlying the Indian securities in Hong Kong.

The stock of ONGC ended the day at Rs 670.45, down 0.40 per cent, with around 9.03 lakh shares traded on the BSE and on the NSE the stock ended at Rs 670.25, down 0.48 per cent, with around 20.61 lakh shares traded.

Satyam ended at Rs 308.40, down 3.08 per cent, with around 61.47 lakh shares traded on the BSE. On the NSE, the stock ended at Rs 308.35, down 3.40 per cent, with around 1.36 crore shares traded.

Deeptha Rajkumar

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