Institutional buying powers MTNL
DALAL STREET SPIKES
| The stock, which was among the few gainers on the Bombay Stock Exchange (BSE), closed at Rs 150.85, up 0.07 per cent from its previous close. The counter witnessed a huge volume of more than 23.8 lakh shares. |
| Dealers said the MTNL counter has been witnessing aggressive buying from foreign institutional investors as well as domestic mutual funds. From a low of Rs 122.70 on March 26, 2004, the stock surged to today's close of Rs 150.95. |
| According to market sources, there are rumours that there could be some positive announcement after the elections as a result of which funds are accumulating the stock at lower levels. |
| MTNL had witnessed volatile trades over the last few sessions, as part of the volatility in other public sector unit stocks caused by political uncertainty. |