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Heard on the street
Buying by domestic funds boosts Tilaknagar
Shares of Tilaknagar Industries, a mid-sized liquor brewer, has rallied smartly amid major fund-based buying, even as its promoters have been reducing their stake in the company over the past few weeks. Market sources attributed the current frenzy in the counter largely to purchases by domestic mutual funds looking to boost their net asset values by the end of this financial year. The promoters — Dahanukars — have sold a sizeable 12% stake through many deals transacted in BSE’s bulk deal segment between March 8 and 29. They sold a total of 37.1 lakh shares in different lots at different prices for Rs 44 crore during the period. Of these, 15 lakh shares were picked up by Citigroup Global Markets and another 7.5 lakh by ABN Amro Bank, according to disclosures filed with the exchange. The Dhahanukars owned 74% in Tilaknagar Industries as on December 31, ’09. The stock has risen 20% over the past one month, before closing flat at Rs 123 on Tuesday.
BGR Energy on institutions’ radar
Institutional investors have been buying shares of power equipment manufacturer BGR Energy Systems on the hope that the company will do well on the back of increased government spending in the power sector, unique business positioning and strong order book. According to institutional dealers, ‘Reliable Mutual Fund’ and ‘Cutie Eye MF’ have been accumulating shares of BGR Energy Systems in large numbers over the past few weeks. The operator group — led by the Rar(e)ing bull — has also been buying shares of BGR Energy at every opportunity. On BSE, the shares ended 1.2% higher at Rs 515 on Tuesday.
Gail falls as a foreign investor cuts exposure
Shares of Gail India drifted lower in heavy trade on Tuesday, closing at Rs 401.55. Dealers tracking the counter say a foreign institutional investor (FII) has been cutting exposure to the stock in the past couple of trading sessions. This fund is said to have offloaded 10 lakh shares on Monday and another 7 lakh shares on Tuesday. Offers for sizeable blocks of the stock were doing the rounds on Tuesday too. Speculation is that the fund is looking to sell 30 lakh shares in all, of which 17 lakh have already been placed. Till buyers emerge for the last tranche, the stock could remain subdued, say dealers.
(Contributed by Vijay Gurav & Shailesh Menon)
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Src: ET and DP blog
Shares of Tilaknagar Industries, a mid-sized liquor brewer, has rallied smartly amid major fund-based buying, even as its promoters have been reducing their stake in the company over the past few weeks. Market sources attributed the current frenzy in the counter largely to purchases by domestic mutual funds looking to boost their net asset values by the end of this financial year. The promoters — Dahanukars — have sold a sizeable 12% stake through many deals transacted in BSE’s bulk deal segment between March 8 and 29. They sold a total of 37.1 lakh shares in different lots at different prices for Rs 44 crore during the period. Of these, 15 lakh shares were picked up by Citigroup Global Markets and another 7.5 lakh by ABN Amro Bank, according to disclosures filed with the exchange. The Dhahanukars owned 74% in Tilaknagar Industries as on December 31, ’09. The stock has risen 20% over the past one month, before closing flat at Rs 123 on Tuesday.
BGR Energy on institutions’ radar
Institutional investors have been buying shares of power equipment manufacturer BGR Energy Systems on the hope that the company will do well on the back of increased government spending in the power sector, unique business positioning and strong order book. According to institutional dealers, ‘Reliable Mutual Fund’ and ‘Cutie Eye MF’ have been accumulating shares of BGR Energy Systems in large numbers over the past few weeks. The operator group — led by the Rar(e)ing bull — has also been buying shares of BGR Energy at every opportunity. On BSE, the shares ended 1.2% higher at Rs 515 on Tuesday.
Gail falls as a foreign investor cuts exposure
Shares of Gail India drifted lower in heavy trade on Tuesday, closing at Rs 401.55. Dealers tracking the counter say a foreign institutional investor (FII) has been cutting exposure to the stock in the past couple of trading sessions. This fund is said to have offloaded 10 lakh shares on Monday and another 7 lakh shares on Tuesday. Offers for sizeable blocks of the stock were doing the rounds on Tuesday too. Speculation is that the fund is looking to sell 30 lakh shares in all, of which 17 lakh have already been placed. Till buyers emerge for the last tranche, the stock could remain subdued, say dealers.
(Contributed by Vijay Gurav & Shailesh Menon)
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Daily News Roundup - March 31 2010
No Big Bang here!
Shoppers Stop
Container Corporation
DLF
GSPL
Pratibha Industries
Src: ET and DP blog