Heard on the Street: Bulk buying by MFs lifts India Infoline 5%
Bulk buying by MFs lifts India Infoline 5%
Shares of India Infoline surged over 5% on Monday to close at Rs 81.25 with nearly a double its two-week average volumes as domestic mutual funds lapped up the stock in large quantities. According to dealers tracking the stock, Icy Icy mutual fund was among the frontline buyers in the stock.
Brokers say some influential investors have been taking keen interest in the stock which has been an underperformer in the past few months after reports that the broking firm had raised Rs 445 crore through a qualified institutional placement for Money Matters Financial Services which was charged in a loan scandal by CBI.
However, buying momentum was witnessed in the stock after the broking firm announced a share buyback, but investors further trimmed their positions after the company deferred the plan as it was yet to receive an approval from market regulator Sebi. The stock has slid 7% since early January.
Kitchenware stocks on investors radar
Equity analysts have been recommending stocks of kitchenware makers - TTK Prestige , Hawkins Cookers and Borosil Glass as they feel these stocks would do well in times of market bearishness.
According to a broker tracking TTK Prestige, kitchenware is a fast-growing segment in the Indian consumer durables market. The segment caters to the young population in a big way. An expanding working population and a higher floating population in urban areas will trigger higher demand for kitchenware, the broker said.
Additional focus on safety, especially in cooking range, stove and oven container verticals, are prompting custom! ers to s hift from unbranded to branded products; this is expected to help listed kitchenware makers in a big way, analysts said.
Shares of TTK Prestige, Hawkins Cookers and Borosil Glass ended 20%, 14.5% and 4.5% higher at Rs 1,804, Rs 1,287 and Rs 673, respectively, on the BSE on Monday.
(Contributed by Harish Rao & Shailesh Menon)
Shares of India Infoline surged over 5% on Monday to close at Rs 81.25 with nearly a double its two-week average volumes as domestic mutual funds lapped up the stock in large quantities. According to dealers tracking the stock, Icy Icy mutual fund was among the frontline buyers in the stock.
Brokers say some influential investors have been taking keen interest in the stock which has been an underperformer in the past few months after reports that the broking firm had raised Rs 445 crore through a qualified institutional placement for Money Matters Financial Services which was charged in a loan scandal by CBI.
However, buying momentum was witnessed in the stock after the broking firm announced a share buyback, but investors further trimmed their positions after the company deferred the plan as it was yet to receive an approval from market regulator Sebi. The stock has slid 7% since early January.
Kitchenware stocks on investors radar
Equity analysts have been recommending stocks of kitchenware makers - TTK Prestige , Hawkins Cookers and Borosil Glass as they feel these stocks would do well in times of market bearishness.
According to a broker tracking TTK Prestige, kitchenware is a fast-growing segment in the Indian consumer durables market. The segment caters to the young population in a big way. An expanding working population and a higher floating population in urban areas will trigger higher demand for kitchenware, the broker said.
Additional focus on safety, especially in cooking range, stove and oven container verticals, are prompting custom! ers to s hift from unbranded to branded products; this is expected to help listed kitchenware makers in a big way, analysts said.
Shares of TTK Prestige, Hawkins Cookers and Borosil Glass ended 20%, 14.5% and 4.5% higher at Rs 1,804, Rs 1,287 and Rs 673, respectively, on the BSE on Monday.
(Contributed by Harish Rao & Shailesh Menon)
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