i-flex stock spurts on Oracles stake buy

Mumbai, Aug 2 | Updated: Aug 3 2005, 05:30am hrs
The sudden reversal of trend in the stock price of i-flex Solutions Ltd surprised the marketmen on Tuesday. The stock, which was in the sliding zone since last one week shot up 8% on both the National Stock Exchange (NSE) and The Stock Exchange, Mumbai (BSE).

The i-flex stock closed at Rs 897.25 and at Rs 896.15 on NSE and BSE respectively. However, the news of US software major Oracle Corporation acquiring 41% stake in the Indian software company hit the market only after the trading hours. The trading volume increased considerably on both the bourses.

According to dealers, the news of Oracle picking up stake in i-flex was out on Monday. A section of media reported about the possible sale of stake and the buying, which was seen on Tuesday was the result of that.

The trading volume of 2,70,716 i-flex shares on Tuesday on the BSE was four times that of previous weeks average daily volume. On Tuesday, at NSE the volumes at i-flex counter was five times higher at 13,17,757 shares.

The average trading volume clocked at i-flex counter on BSE and NSE last week was 71,576 shares and 2,67,326 shares respectively. On Monday, the stock lost 2.9% on BSE and NSE to close at Rs 827.5 and Rs 829.9.

On July 22,the stock closed at Rs 920.05 on BSE and slid 7.37% or Rs 67.80 to end the week at Rs 852.25 on Friday. On NSE, the stock started the week by closing at Rs 920.15 and ended the week at Rs 854.20, down 7.2% or Rs 65.95.