Heard on the Street
Market is abuzz that promoters of realty major DLF may dilute their stake further through another round of open market sales.
By ET Bureau |
Buzz over fresh round of stake sale by DLF
Market is abuzz that promoters of realty major DLF may dilute their stake further through another round of open market sales. When contacted, a senior company official denied any such development and termed it as ���mere speculation���. The promoters had sold around 10% stake at Rs 230 per share a few weeks ago, just before the election results were announced. In hindsight, the promoters must be ruing the fact that their over-cautious approach has cost them dear. With markets still on a roll, the temptation to catch the upside while it lasts must be strong, point out punters. At Friday���s closing price of Rs 403.30, the stock is up over 75% from the price, at which the promoters had diluted their stake earlier this month.
Bombay Rayon Fashion under bull grip
Shares of Bombay Rayon Fashion rose 3.4% to close at Rs 225.70 on Friday, though trading volumes were not as heavy as those seen over the past few sessions. The stock has gained nearly 32% in the past one month, thanks to a bull operator and his group, who have been very active at the counter. After whipping up interest at the counter, these players have smartly offloaded their holdings into the portfolio of a domestic mutual fund in the past few days.
Arshiya International trading hits circuit
Trading in shares of logistics firm Arshiya International was frozen at the upper end of the 10% intra-day circuit filter at Rs 110.70. The stock has risen 46% over the past one month, but trading volumes have been very low. At the moment, there is not enough depth at the counter for institutional players to show interest. An extremely low profile senior official at a domestic broking house, who also owns a stake in the company, is said to be pitching the stock to domestic fund managers and hedge funds. This official seems to be wearing two hats at the moment ��� one on behalf of his own brokerage, and the other as a self-styled consultant to the company. Interestingly, the brokerage that the official represents does not have any coverage on Arshiya.
(Contributed by Sachin Dave & Santosh Nair)
Market is abuzz that promoters of realty major DLF may dilute their stake further through another round of open market sales. When contacted, a senior company official denied any such development and termed it as ���mere speculation���. The promoters had sold around 10% stake at Rs 230 per share a few weeks ago, just before the election results were announced. In hindsight, the promoters must be ruing the fact that their over-cautious approach has cost them dear. With markets still on a roll, the temptation to catch the upside while it lasts must be strong, point out punters. At Friday���s closing price of Rs 403.30, the stock is up over 75% from the price, at which the promoters had diluted their stake earlier this month.
Bombay Rayon Fashion under bull grip
Shares of Bombay Rayon Fashion rose 3.4% to close at Rs 225.70 on Friday, though trading volumes were not as heavy as those seen over the past few sessions. The stock has gained nearly 32% in the past one month, thanks to a bull operator and his group, who have been very active at the counter. After whipping up interest at the counter, these players have smartly offloaded their holdings into the portfolio of a domestic mutual fund in the past few days.
Arshiya International trading hits circuit
Trading in shares of logistics firm Arshiya International was frozen at the upper end of the 10% intra-day circuit filter at Rs 110.70. The stock has risen 46% over the past one month, but trading volumes have been very low. At the moment, there is not enough depth at the counter for institutional players to show interest. An extremely low profile senior official at a domestic broking house, who also owns a stake in the company, is said to be pitching the stock to domestic fund managers and hedge funds. This official seems to be wearing two hats at the moment ��� one on behalf of his own brokerage, and the other as a self-styled consultant to the company. Interestingly, the brokerage that the official represents does not have any coverage on Arshiya.
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(Contributed by Sachin Dave & Santosh Nair)
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