The Hindu Business Line : FIIs interest seen in Infosys

AFTER showing good performance for September quarter, the stock price of Infosys Technologies has been on the rise. Since second quarter numbers were announced, the stock has gained around 14 per cent. Dealers said there is active buying from various FIIs.

The talk is that most of the FIIs, especially those that recently started investing in India, are impressed with financial results. These FIIs were initially under-weight on the software major, but now have turned overweight.

In the last few days, several FIIs are buying shares of the company in huge quantities.

On Thursday, Infosys gained 4.27 per cent at Rs 1948.25 on the BSE with volume of 8.89 lakh shares; on the NSE, it closed at Rs 1948.80, up 4.34 per cent, with volume of 28.47 lakh shares.

Strong on number hopes

SELECT market players, ahead of the SAIL's second quarter result announcement, are accumulating the shares of steel major.

Dealers said the company is expected to report strong growth in topline and bottomline for the quarter.

If the market talk is to be believed, September quarter net profit of SAIL is expected to be around Rs 1,625 crore. This is substantially higher than the June quarter when the company reported a net profit of Rs 1,111.59 crore.

On Thursday, the stock gained 3.94 per cent at Rs 50.10 on the BSE with volume of 1.05 crore shares and on the NSE it closed at Rs 50.10, up 3.94 per cent with volume of 3.44 crore shares.

Boost from takeover talk

Reports about the possibility of being taken over by Punjab National Bank and the talk of a better half-yearly performance saw the Indian Overseas Bank rise 6 per cent to Rs 49.80 on the NSE on Thursday. The stock saw a volume of 14.56 lakh shares compared with 3.99 lakh shares traded on Wednesday.

Marketmen feel that IOB may not be much affected by rising bond yields because its dependence on treasury income has always been low.

Analysts said that support for the stock also came due to an anticipation of interim dividends.

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