Heard on the Street: Talk of fund-buying lifts Crompton Greaves' stock
Shares of Crompton Greaves rose 5.1% to Rs 139.50 on Thursday on higher volumes amid speculation some institutional investors are accumulating the stock.
By Nishanth Vasudevan, ET Bureau | Updated:
Shares of Crompton Greaves rose 5.1% to Rs 139.50 on Thursday on higher volumes amid speculation some institutional investors are accumulating the stock.
The market is agog with rumours that a Singapore-based fund manager of Indian origin, a sovereign wealth fund of a Gulf country and a Hong Kongheadquartered large brokerage are buying the stock. Some brokers dismissed the talk.
They argued that such speculation may have been floated around by a stock market operator, known to be a protégé of an influential investor on the Dalal Street, who is rumoured to be active in the stock.
Analysts said sentiment in the stock has improved since the company sold off its aircraft and the appointment of the new CEO. Fund managers said Crompton’s expatriate chief executive Laurent Demortier is trying hard to improve the company’s image among investors and analysts.
(Contributed by Nishanth Vasudevan)
The market is agog with rumours that a Singapore-based fund manager of Indian origin, a sovereign wealth fund of a Gulf country and a Hong Kongheadquartered large brokerage are buying the stock. Some brokers dismissed the talk.
They argued that such speculation may have been floated around by a stock market operator, known to be a protégé of an influential investor on the Dalal Street, who is rumoured to be active in the stock.
Analysts said sentiment in the stock has improved since the company sold off its aircraft and the appointment of the new CEO. Fund managers said Crompton’s expatriate chief executive Laurent Demortier is trying hard to improve the company’s image among investors and analysts.
(Contributed by Nishanth Vasudevan)
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