Buying interest fuels GAIL India

DALAL STREET SPIKES

Gas transmission and marketing company GAIL soared nearly 5 per cent in the morning trade on the back of renewed buying after some heavy selling in the past few days.

The stock, minutes after the opening bell, touched the day's high of Rs 205.50 before closing almost flat to its previous close of Rs 196. More than 26.89 lakh shares changed hands at the BSE.

The counter witnessed bargain hunting at lower levels after the stock was hammered in the past few days, said equity analysts. Between 19 and 25 February 2004, the stock has lost 15.6 per cent to Rs 196 from Rs 232.20 on the BSE.

The counter has been witnessing selling pressure from market participants who are believed to be booking profit ahead of the company's offer for sale which opens on Friday.

ICICI Securities and HSBC Capital Markets will manage the proposed public offer. The government will use the book-building route.