Street may have little to cheer about Bharat Wire rally

Shares of Bharat Wire Ropes rallied over 26 per cent to Rs 32 in the last three trading sessions after NSE bulk deal data last week showed that the founders of Motilal Oswal Financial Services Raamdeo Agrawal and Motilal Oswal had bought 9.42 lakh shares each in the manufacturer of steel wire rope company from Osag Enterprises LLP. Market participants were excited by the entry of Dalal Street veterans but they could be in for disappointment. According to documents from Registrar of Companies, Osag Enterprises LLP belongs to Oswal and Agrawal. This means the bulk deal transactions were just inter se transfers. Motilal Oswal held 4.19 per cent stake in the company for the last several years and in June 2017, the stake was transferred to their LLP and now again to their individual accounts.