AFTER a sharp jump last week, ITI is now on a downward move.

Dealers said several traders who bought the shares at a higher price last week have started selling . Most of them are selling the shares due to stop loss being triggered. In a stop-loss situation, a trader sells if the stock price falls below a prescribed price limit.

Another reason for the fall in the stock price is due to the concern that the company may not be able to come out of the losses as anticipated by various traders.

The company has huge losses and there was talk in the market that it has sought government permission to sell part of its land to cover-up the losses.

On Wednesday, the stock was down by 7.74 per cent at Rs 66.75 on the BSE with volumes of 15.93 lakh shares; on the NSE, it closed at Rs 66.80, down 7.86 per cent, with volumes of 59.24 lakh shares.

Havells India: Scramble for bonusSEVERAL market players have started accumulating the shares of Havells India.

Dealers said this is due to the stock going ex-bonus next week. The company has announced bonus ratio of one share for every one share held and the last day for entitlement of these shares is August 4.

Moreover, good financial results for the June quarter have also brought interest of the traders in the stock.

On Wednesday, it gained 9.88 per cent at Rs 593.95 on the BSE with volumes of 1.02 lakh shares and on the NSE it closed at Rs 596.65, up 9.85 per cent with volumes of 3.58 lakh shares.

Bata India up on restructuring impactBATA India is seeing an upward move in the last few days.

In the last one month, it has gained around 50 per cent. On Wednesday, the stock closed at Rs 124.85, up 2.38 per cent, with volumes of 7.32 lakh shares on the BSE; on the NSE, it closed at Rs 125, up 1.92 per cent, with volumes of 21.75 lakh shares.

Dealers said the interest in the stock is because of its restructuring plan - which the company had undertaken last year - that is in final stages and its impact would be seen in the next few quarters. The company had come out with a rights issue for this purpose early this year.

Virendra Verma

(This article was published in the Business Line print edition dated July 28, 2005)
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