Heard on the street
The government’s thrust on education is well known. And even while there is a growing belief that the coming year would be marked with recessionary events, the general consensus is that the education segment is unlikely to be affected. Maybe this ...
By ET Bureau |
Studied rise in Navneet stock
The government���s thrust on education is well known. And even while there is a growing belief that the coming year would be marked with recessionary events, the general consensus is that the education segment is unlikely to be affected. Maybe this explains the recent rise in the Navneet Publications��� stock price.
Over the past one week, the stock has gained more than 13% even as the Sensex remained largely unchanged. According to institutional dealers, a few mutual fund houses have been steadily accumulating the stock. On Tuesday, the name of a domestic fund house backed by a large corporate entity was doing the rounds. According to Value Research, fund houses, including UTI, Principal and Tata already have a sizeable exposure to the stock.
UTI holds more than 3% stake in the company through two schemes ��� UTI Children Career Plan & UTI Master Value Plan. The company publishes educational books apart from other stationary products such as drawing books and activity books. On Tuesday, it gained 9.66% to close at Rs 44.85.
Analysts don���t move in tandem anymore
IT appears as if analysts are able to think more rationally in a sideways market than during a secular uptrend. When the market was in a bull grip, there was very little to distinguish one research report from the other on the same stock. Invariably, nine out of 10 analysts would be bullish on the stock, and there would not be much of a difference in the price target either. But now, this trend is gradually fading.
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Last week, three analysts of three different broking houses had gone to meet a senior official of Larsen & Toubro to get an update on the latest developments in the company. After their interaction, one analyst belonging to a prominent domestic broking house has downgraded his rating on the stock, and assigned a price target of Rs 552. Of the other two analysts ��� both belonging to Indian arms of foreign financial services majors ��� one has upgraded his rating on the stock with a price target of Rs 1,500 while the other has maintained his rating with a price target of Rs 1,300. On Tuesday, shares of L&T closed at Rs 770 on BSE, up 4% over their previous close. (Contributed by Ashish Rukhaiyar & Jigar Pathak)
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