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RIL may buy 26% stake in Pipavav
How does the RIL stock trade post its AGM?
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Heard on Street: M&M vaults 22% in 3 weeks
Bankers against French auction for PSU share sales
After the lukewarm response to recent public offers of REC and NTPC, which opted for the French auction method, merchant bankers are suggesting the book-building method to the disinvestment department for future public sector share offerings.
“In the book-building method, you essentially know the price range, which is better but in a French auction you are trying to discover the price of a listed company and investors are not willing to pay a premium as they would prefer to buy from the market,” said a senior banker. Last November, Sebi introduced the pure auction method of book-building in share sales, where institutional bidders could bid at any price above the floor price instead of restricting them to bid in a band fixed by investment bankers.
M&M vaults 22% in 3 weeks on bull bets
Shares of automobile major Mahindra & Mahindra (M&M) have risen 22% in the past three weeks. The buzz is that Rar(e)ing Bull has been active in the stock of late. Brokers said traders have been betting on M&M in the past few weeks on hopes that news of better-than-normal monsoon will enable the stock outperform the market in the short-term. The prospects of M&M, which manufactures tractors, is closely linked to the monsoon, as better-than-expected monsoon could boost demand for tractors. The stock closed marginally higher at Rs 631.65 on Thursday.
Bears tighten grip on steel stocks
Shares of leading steel companies — Tata Steel, Steel Authority of India and JSW Steel — underperformed in a firm market on Thursday. According to grapevine, local steel prices are likely to soften further due to a decline in demand. Bear traders are said to be cautiously building short positions at these counters. In the recent past, most traders who had gone short on steel stocks have been unable to profit to the extent they had hoped to.
The moment overall sentiment changes for the better, the stocks that were beaten down the most, would be the ones to rise the fastest. JSW Steel shares fell 0.8% to close at Rs 1,048.70, Tata Steel Steel ended 0.7% down at Rs 482.20, while Steel Authority shares rose marginally to close at Rs 198.35. Over the past one month, the BSE Metal Index has fallen 5.5%, compared to a 4% rise in the BSE Sensex.
(Contributed by Reena Zachariah, Nishanth Vasudevan & Santosh Nair)
After the lukewarm response to recent public offers of REC and NTPC, which opted for the French auction method, merchant bankers are suggesting the book-building method to the disinvestment department for future public sector share offerings.
“In the book-building method, you essentially know the price range, which is better but in a French auction you are trying to discover the price of a listed company and investors are not willing to pay a premium as they would prefer to buy from the market,” said a senior banker. Last November, Sebi introduced the pure auction method of book-building in share sales, where institutional bidders could bid at any price above the floor price instead of restricting them to bid in a band fixed by investment bankers.
M&M vaults 22% in 3 weeks on bull bets
Shares of automobile major Mahindra & Mahindra (M&M) have risen 22% in the past three weeks. The buzz is that Rar(e)ing Bull has been active in the stock of late. Brokers said traders have been betting on M&M in the past few weeks on hopes that news of better-than-normal monsoon will enable the stock outperform the market in the short-term. The prospects of M&M, which manufactures tractors, is closely linked to the monsoon, as better-than-expected monsoon could boost demand for tractors. The stock closed marginally higher at Rs 631.65 on Thursday.
Bears tighten grip on steel stocks
Shares of leading steel companies — Tata Steel, Steel Authority of India and JSW Steel — underperformed in a firm market on Thursday. According to grapevine, local steel prices are likely to soften further due to a decline in demand. Bear traders are said to be cautiously building short positions at these counters. In the recent past, most traders who had gone short on steel stocks have been unable to profit to the extent they had hoped to.
The moment overall sentiment changes for the better, the stocks that were beaten down the most, would be the ones to rise the fastest. JSW Steel shares fell 0.8% to close at Rs 1,048.70, Tata Steel Steel ended 0.7% down at Rs 482.20, while Steel Authority shares rose marginally to close at Rs 198.35. Over the past one month, the BSE Metal Index has fallen 5.5%, compared to a 4% rise in the BSE Sensex.
(Contributed by Reena Zachariah, Nishanth Vasudevan & Santosh Nair)
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Src: ET and DP blog and Smartinvestor
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