Heard on the Street
A top Indian insurer was a buyer of frontline shares in falling market on Wednesday. The ‘Big Daddy’ of domestic insurance industry bought shares of BHEL and SBI.
By ET Bureau |
‘Big Daddy’ laps up frontline stocks
A top Indian insurer was a buyer of frontline shares in a falling market on Wednesday. The ‘Big Daddy’ of the domestic insurance industry bought shares of Bharat Heavy Electricals ( BHEL) and State Bank of India ( SBI) on Wednesday, brokers said.
BHEL shares fell 1.2% to Rs 2,305, while SBI shares dropped 1.3% to Rs 2,697. The Sensex fell almost 1% to 20301. The insurer is known to buy in a weak market. Bank shares were the biggest losers among sectors on Wednesday on fears the recent increases in deposit rates would put pressure on their net interest margins.
MF takes a contrarian bet on OnMobile
‘BEER La Mutual Fund’ seems to be taking a contrarian bet while accumulating shares of telecom and media convergence company OnMobile Global. The fund house has been buying OnMobile at every dip in the past few days, dealers said.
According to analysts, the company has captured leadership position in ‘non-text’ and mobile value added services segment. The company will benefit from its partnership with Telefonica and Vodafone networks in Latin America and emerging markets, they said. Shares of OnMobile Global ended 0.8% lower at Rs 300 on the BSE on Wednesday.
(Contributed by Nishanth Vasudevan & Shailesh Menon)
A top Indian insurer was a buyer of frontline shares in a falling market on Wednesday. The ‘Big Daddy’ of the domestic insurance industry bought shares of Bharat Heavy Electricals ( BHEL) and State Bank of India ( SBI) on Wednesday, brokers said.
BHEL shares fell 1.2% to Rs 2,305, while SBI shares dropped 1.3% to Rs 2,697. The Sensex fell almost 1% to 20301. The insurer is known to buy in a weak market. Bank shares were the biggest losers among sectors on Wednesday on fears the recent increases in deposit rates would put pressure on their net interest margins.
MF takes a contrarian bet on OnMobile
‘BEER La Mutual Fund’ seems to be taking a contrarian bet while accumulating shares of telecom and media convergence company OnMobile Global. The fund house has been buying OnMobile at every dip in the past few days, dealers said.
According to analysts, the company has captured leadership position in ‘non-text’ and mobile value added services segment. The company will benefit from its partnership with Telefonica and Vodafone networks in Latin America and emerging markets, they said. Shares of OnMobile Global ended 0.8% lower at Rs 300 on the BSE on Wednesday.
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(Contributed by Nishanth Vasudevan & Shailesh Menon)
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