Funds' interest jacks up Bombay Dyeing

DALAL STREET SPIKES

Aggressive fund buying and rumours of property sale propped up Bombay Dyeing for the third consecutive day. With Friday's gain, the stock has appreciated by Rs 51.80 to close at Rs 166.25.

On February 3, the stock closed at Rs 114.45. According to market sources, a leading foreign fund is believed to be acquiring stocks for the last couple of days.

Interestingly, foreign fund, T Rowe Price, through Rowe Price New Asia Fund (4.16 per cent) and T Rowe Price International Discovery Fund (1.94 per cent) has picked up 6.10 per cent of the company's total equity during the quarter ended December 31, 2003.

Market talks suggest that stock has been also in the limelight on rumours that the company is close to selling its real estate properties.

According to a market analyst, the company is considered more of a real estate company because of the huge properties it posses in the heart of Mumbai city.