Punters see a bonus round the corner in Zee Telefilm. Reason enough for thescrip to scale higher levels, coming close on the heels of a 10:1 stocksplit. The rumour mill is also busy putting out the possible bonus ratio,the most optimistic being 3:1. And the logic being forwarded is that of taxplanning. The Zee scrip has been hitting the upper circuits on the boursesalmost regularly. On Thursday, the Zee Tele scrip touched a high of Rs 942on the BSE and closed at Rs 936.Fresh supplies in Reliance Petro
With close to 29 crore new equity shares of Reliance Petroleum gettinglisted on the BSE, dealers feel there could be a further dip in the RPLscrip owing to the sudden rise in supply of papers. Upon conversion of closeto 29 crore warrant equity shares - 1999 which were earlier allotted to TOCDholders who had opted for conversion of those TOCDs into WES, new equitieshave come to the market.
According to brokers, the RPL scrip price could also be under pressure fromthose who got these shares at Rs 10 (price of conversion) and want to bookprofit now, since the current market price of the RPL is around Rs 55,already down from its November 24 high of Rs 60.
Back to BPL
Rumours doing the rounds in the market have it that one of the big playersin the market, after making handsome gains in the Ranbaxy Labs counter, hasentered the Wockhardt and BPL counters. Over the last three days, the brokerhas picked up close to 3 per cent of the former's equity and a substantialchunk in the latter. Market players expect some more fireworks in these twocounters over the next two to three weeks.
More fodder for bulls
Ever since the announcement of a restructuring in two of the Pentafour groupcompanies - Pentafour Software and Pentafour Communication - the former'sstock has been rising. Post-restructuring, market is speculating on a changeat the helm with a professional manager coming in. In addition, according tomarket rumours, some foreign companies/investment firms are also likely topick up stakes in PentaSoft. The names doing the rounds are Warburg Pincusand Sony.
On to the soft track
Chennai-based Fidelity Industries is likely to make a preferential allotmentto existing shareholders at par in group infotech companies SoftwareFrontiers Ltd and Multimedia Frontiers Ltd which intend to come out with anIPO soon. With software stocks being the flavour of the day, operators areof the view that Fidelity Industries which trades at Rs 40 may witness someaction in the coming days.
Joining the run
Delhi-based Pertech Computers has been on the rise. Though a hardwaremanufacturer, the story being floating around is that Compaq is likely topick up a stake in the company. From a price of Rs 12 ten days ago, thestock has been continuously locked at the upper end of the circuit.Yesterday, 5.4 lakh shares were traded with the price moving up at Rs 29.
-contributed by Partha Pratim Sinha and Prashant Mahesh
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.