The Hindu Business Line : Bharti Tele-Ventures let down by FII?

EVEN as the uncertainty over whether the hike in FDI in the telecom sector will actually take place continues to have impact on the fortunes of cellular service provider Bharti Tele-Ventures, the stock slid further into negative territory on Wednesday.

As per the market grapevine, a large US-based fund had offloaded as much as 22-30 lakh shares in the market on Wednesday. Coming in the wake of a recent downgrade by a leading brokerage coupled with the recent heavy offloading by Warburg Pincus, investor interest at the counter appears to be fluctuating.

The stock has lost ground by almost 12 per cent from around Rs 158.50 levels as on August 12. The stock ended the day at Rs 141.50, down 6.35 per cent, with around 32 lakh shares traded on the BSE. On the NSE, the stock ended at Rs 141.40, down 6.39 per cent, with around 80 lakh shares traded.

Sparks on positive outlook

The stock of the electric equipment company Havells India moved up sharply on sustained fund buying on Wednesday.

According to the market grapevine, a leading mutual fund was mopping up shares at the counter. Market sources maintained that close to 10 per cent of the company's equity has been traded on Wednesday. Post announcement of a good first quarter performance, the outlook on this company has been more than positive.

The stock ended the day at Rs 134.45, up 2.44 per cent, with around 6.78 lakh shares traded on the BSE and at Rs 134.60, up 2.94 per cent, with around 7.9 lakh shares traded on the NSE.

Mixed bag

It was a mixed bag of fortunes on Wednesday for the stock of steel companies. Pursued by rumours of a 5-per cent cut in customs duty on import of steel, counters such as Tata Steel, SAIL, Essar Steel, Jindal Vijaynagar etc moved into negative territory even as the stocks of Jindal Strips and Kalyani Steel remained by and large unaffected.

While there appears to be a difference of opinion over whether or not such a cut would be logical, given that internationally steel prices are ruling firm, in an uncertain market it impacted the said counters adversely.

Tata Steel lost ground 3 per cent to end the day at Rs 261.80 (BSE), SAIL fell 3.73 per cent at Rs 40.05 and Jindal Vijaynagar ended at Rs 10.99 down 2.05 per cent on the BSE.

Kalyani Steel in sharp contrast ended at Rs 61 up 3.13 per cent on the BSE.

Sources said that there is a perception that such a move would help user industry.

Deeptha Rajkumar

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