Street signs: CSK shares trade between Rs 180-200, Lata sends Didi buzzing

CSK shares trade between Rs 180-200

Shares of IPL franchise Chennai Super Kings (CSK), an arm of India Cements, are trading in the range between Rs 180 and Rs 190 per share in the unlisted market. Last week, a mutual fund house invited bids for selling 100,000 shares. Sources say intermediaries, such as Unlisted Zone, Unlisted Deal, and Rurash, could submit their bids to acquire these shares. "We plan to make a bid, so will others. Shares of CSK have touched a high of Rs 210 but have corrected 10 per cent as there is a lot of supply coming into the unlisted market," said the head of one such intermediary. Experts said the result of media rights for TV and digital telecast IPL for 2023-27 will be a big trigger for CSK's stock to rally.

100 mn demat accounts on the cards

The number of dematerialised accounts in the country have seen exponential growth after the pandemic. In January 2022, the total number of demat accounts in the country stood at 84 million, following a 3.4 million jump month-on-month. With LIC’s mega IPO around the corner, industry players are expecting the demat count to push closer to the 100-million mark. “There is a lot of excitement around the LIC IPO in Indian households. Several policyholders, who don’t have a demat account intend to apply in the IPO. We expect millions of new accounts getting opened leading up to the IPO,” said a head of a broking house.

Lata sends Didi buzzing

The death of legendary singer Lata Mangeshkar was also felt in the stock markets. The singer was fondly known as ‘Didi’, which happens to be the ticker for NYSE-listed Didi Global, a mobility platform company in China. As Mangeshkar’s death got extensive news coverage in local as well as international media, the word ‘Didi’ got captured and linked under the US-listed company. This triggered algo trades which are set off by excess news coverage for a particular buzz word — in this case ‘Didi.’ These also are designed in such a way that spurt in news flow is considered as a positive trigger. Incidentally, shares of Didi Global have jumped 20 per cent in the past one week.