Heard on the street: Punters surprised at bulk PFL Infotech deal
Last week, RBS bought a few lakh shares of a lesser known, small-cap IT company, raising many eyebrows in the market.
By Vijay Gurav, ET Bureau | Updated:
Last week, foreign institutional investor Royal Bank of Scotland ( RBS) bought a few lakh shares of a lesser known, small-cap IT company, raising many eyebrows in the market.
The foreing institutional investors interest helped the stock gain substantially which, however, kept brokers guessing as to what could have triggered the fund buying in the absence of sound fundamentals and any major development in the company.
The company in question is PFL Infotech whose stock gained 4.8% to end at a new high of Rs 454 on Tuesday. Up over 10% in the past 10 trading sessions, the share price has risen almost consistently to reach the current level, which the brokers find unwarrantable, given the company’s weak financials.
The foreing institutional investors interest helped the stock gain substantially which, however, kept brokers guessing as to what could have triggered the fund buying in the absence of sound fundamentals and any major development in the company.
The company in question is PFL Infotech whose stock gained 4.8% to end at a new high of Rs 454 on Tuesday. Up over 10% in the past 10 trading sessions, the share price has risen almost consistently to reach the current level, which the brokers find unwarrantable, given the company’s weak financials.
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