2G scam: Court reserves order on bail plea of Shahid Balwa; DB Realty gains
DB Realty soared over 8% as a Delhi court on Tuesday will hear the arguments on the bail plea of Swan Telecom promoter.
By ET Online and Agencies | Updated:
NEW DELHI: Shares of DB Realty Ltd soared over 8% in early trade as a Delhi court on Tuesday will hear the arguments on the bail plea of Swan Telecom promoter, Shahid Usman Balwa, an accused in the 2G case.
The CBI today told the court that it would not oppose the bail plea of Shahid Usman Balwa in the 2G case, keeping in view the court orders granting bail to other co-accused in the case.
The court has reserved its order on Balwa's bail plea for 2:30 PM and is likely to hear the arguments on bail plea of former Telecom Minister A Raja's ex-private secretary R K Chandolia at 2 PM.
Yesterday, DMK MP Kanimozhi granted bail by the Delhi high court in the 2G case. Apart from Kanimozhi, the other accused who have been granted bail include Cineyug founder Karim Morani, Kalaignar TV's MD Sharath Kumar, Kusegaon directors Asif Balwa and Rajeev Agarwal.
At 12:20 p.m., shares of the company were trading 6.2% higher at Rs 75.25. The stock hit a high of Rs 77.20 and a low of Rs 70.85 in today’s trade.
Analyst Call:
Avoid DB Realty: Vijay Bhambwani
Author, CEO, BSPLindia.com
The stock is showing signs of attempting to bottom out in near term and I would not be surprised if the stock actually went up to Rs 80-82 levels. In terms of including the stock in the portfolio, it is a no no.
The CBI today told the court that it would not oppose the bail plea of Shahid Usman Balwa in the 2G case, keeping in view the court orders granting bail to other co-accused in the case.
The court has reserved its order on Balwa's bail plea for 2:30 PM and is likely to hear the arguments on bail plea of former Telecom Minister A Raja's ex-private secretary R K Chandolia at 2 PM.
Yesterday, DMK MP Kanimozhi granted bail by the Delhi high court in the 2G case. Apart from Kanimozhi, the other accused who have been granted bail include Cineyug founder Karim Morani, Kalaignar TV's MD Sharath Kumar, Kusegaon directors Asif Balwa and Rajeev Agarwal.
At 12:20 p.m., shares of the company were trading 6.2% higher at Rs 75.25. The stock hit a high of Rs 77.20 and a low of Rs 70.85 in today’s trade.
Analyst Call:
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Avoid DB Realty: Vijay Bhambwani
Author, CEO, BSPLindia.com
The stock is showing signs of attempting to bottom out in near term and I would not be surprised if the stock actually went up to Rs 80-82 levels. In terms of including the stock in the portfolio, it is a no no.
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