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In a market unnerved by the political upheaval, Visual Software appeared to be one of the few which attracted considerable buying. According to brokers, foreign institutional investors were active buyers in the stock on Thursday. The stock touched a high of Rs 1,210 during the day. It, however, fell to around Rs 1,150. Brokers see immense potential in the stock. Some brokers have set a target of Rs 2,500 for the stock. With an EPS of Rs 18 and a clean management, there is plenty of room for the stock to rise, says a broker.
Hectic activity in Ranbaxy: The Ranbaxy counter saw hectic activity. According to marketmen, the scrip is being accumulated by a few Mumbai-based operators. The market feels the operator is either close to finalising or has finalised a big deal to the tune of 25-30 lakh shares. According to market sources, the chunk of shares are being placed with leading FIIs at a substantial premium to the current market price of Rs 570. The stock has remained very volatile in the past fewsessions and after reporting a drop in earnings, the stock tumbled from a high of Rs 665 to Rs 513. The stock then surged by over Rs 100 to a high of Rs 615 on April 22. The slide in the market pulled down to the lower end of the circuit filter at Rs 562 to recover back to Rs 573 a close.
Aluminium stocks shine: Aluminium stocks continued to remain firm. Hindalco (Rs 594.50) and Indal (Rs 63.85) hit the upper limits of the circuit breaker. While Hindalco dipped slightly towards the mid-session and ended the day at Rs 587, Indal continued to be frozen at the upper limit of Rs 63.85. The continued interest in these counters stems from the aluminum manufacturers' decision to do discontinue all discounts to customers and revise prices upwards following the firming up of prices of aluminum on LME.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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