Heard on the Street
Shres of Tata Elxsi -- the technology arm of Tata group which has gained more than 12% in the past one week, shed 1.89% on Wednesday to close at Rs 304.45 on the BSE.
Tata Elxsi sheds 2% despite bulk buying
Shares of Tata Elxsi -- the technology arm of Tata group which has gained more than 12% in the past one week, shed 1.89% on Wednesday to close at Rs 304.45 on the BSE.
The stock has witnessed volumes higher than the two week daily average on most trading sessions as operators have been accumulating the stock in large quantities.
According to dealers tracking the stock, an operator based out of the western suburbs has been a frontline buyer in the stock.
Many brokers have been surprised by this move as the stock has rallied despite its second quarter results, which were below street expectations. The net profit dropped more than 15% to Rs 6.9 crore on a Q-o-Q basis, according to details available on the BSE website.
BS TransComm hits lower circuit as investors exit
Shares of Hyderabad-based BS TransComm, which hit a high of Rs 475 during opening trade, were locked at the lower circuit for the better part of the day on Wednesday. Investors exited the counter on reports of a possible price manipulation in the counter.
Dealers said at one time there were four lakh sellers in the stock on both the exchanges. A total of 1.13 crore shares were traded on the two exchanges on Wednesday, with the delivery volume at 11.81 lakh shares, representing 10.39% of the total delivery.
The scrip ended at Rs 375.90, 20% lower on the BSE. When contacted, BS TransComm officials refused to comment on speculation over the share price movement and termed it a function of market forces. “However, we are convinced of the strong fundamentals of the company. Our September, 2010, quarter results announced speak for the same,” they said.
(Contributed by Harish Rao & Deeptha Rajkumar)
Shares of Tata Elxsi -- the technology arm of Tata group which has gained more than 12% in the past one week, shed 1.89% on Wednesday to close at Rs 304.45 on the BSE.
The stock has witnessed volumes higher than the two week daily average on most trading sessions as operators have been accumulating the stock in large quantities.
According to dealers tracking the stock, an operator based out of the western suburbs has been a frontline buyer in the stock.
Many brokers have been surprised by this move as the stock has rallied despite its second quarter results, which were below street expectations. The net profit dropped more than 15% to Rs 6.9 crore on a Q-o-Q basis, according to details available on the BSE website.
BS TransComm hits lower circuit as investors exit
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Shares of Hyderabad-based BS TransComm, which hit a high of Rs 475 during opening trade, were locked at the lower circuit for the better part of the day on Wednesday. Investors exited the counter on reports of a possible price manipulation in the counter.
Dealers said at one time there were four lakh sellers in the stock on both the exchanges. A total of 1.13 crore shares were traded on the two exchanges on Wednesday, with the delivery volume at 11.81 lakh shares, representing 10.39% of the total delivery.
The scrip ended at Rs 375.90, 20% lower on the BSE. When contacted, BS TransComm officials refused to comment on speculation over the share price movement and termed it a function of market forces. “However, we are convinced of the strong fundamentals of the company. Our September, 2010, quarter results announced speak for the same,” they said.
(Contributed by Harish Rao & Deeptha Rajkumar)
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