The NIIT management may have sounded a profit warning for the current quarter. But that certainly has not deterred fund managers from adding the stock to their portfolio. At a time when most of buying seems to be centred around quarterly numbers, the interest at the NIIT counter does come as a surprise. The Say Yes If Be brokerage is reported to have been one of the prominent buyers at the NIIT counter on Tuesday, though the identity of the fund could not be confirmed. Close to 3 lakh shares are reported to have been picked up on Tuesday.Despite the price differential of nearly Rs 8 between the NSE and BSE, the scrip clung to the upper end of the 16 per cent circuit filter. But players have not been as kind to VisualSoft, which also announced a profit warning last month. Even as buyers are trying to average their prices, the scrip price continues to lose ground. Close to 50,000 shares are reported to have changed hands between institutional players, with buyers getting a better deal.
Meanwhile the Infosys Technologies scrip continued to flounder despite purchases to the tune of nearly 1.55 lakh shares on Monday, with the Singapoori sarkar accounting for a good chunk. The Jane Fund is reported to have accounted for a lion's share of the 2 million shares of Satyam purchased by different foreign brokerages on Monday.
The script changes
Over the last couple of months, trying to move the Zee Telefilms counter has become even tougher than trying to move the Reliance counter. Even after mopping up a couple of million shares, the prices hardly move by 4-5 rupees. Clearly, fund managers will have to put up with the supply overhang situation for some more time. On Monday, close to 2.5 million shares were reported to have been picked up by Mr Solo Smith brokerage. The Open Hammer Fund is tipped as of the possible as well as prominent buyer of the stock. On Tuesday also, there was some follow up buying at the counter, but to a far lesser extent.
Not ready yet
Amidst reports that the ADS of Dr Reddy may be priced at a discount to the ruling market price, the Savvy Fund Manager and Uncle Sam are reported to be moving out of the counter. Over the past couple of trading sessions, close to 1.6 lakh shares are reported to have been offloaded with these two players accounting for significant chunk.
Sensing very little chances of Telco shifting from the reverse gear, the Picket Fund seems to have decided to get off the car. The fund is reported to be a regular seller at the counter over the last few trading sessions. This apart, the first signs of cracks in the newly formed cement cartel has unnerved Picket, who dumped close to 5 lakh shares of ACC and an unconfirmed chunk of L&T on Monday.
Already the counter was reeling under the impact of Babu Moshai's sales a few days ago. The Jordan Flaming AMC and one of Uncle Sam's sub accounts continue to accumulate ICICI Bank while the Kuwait Investment Authority, managed by Uncle Sam, is reported to be a buyer at the BSE and GACL counter.
Santosh Nair, santoshnair@myiris.com
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
