Lml Soars To New 52-Week High

The Escorts and LML scrip braved the storm at the major bourses on the back of strong institutional purchases yesterday. The LML scrip rocketed to new 52-week highs of Rs 172 and Rs 172.50 on the BSE and NSE respectively during intra-day trading supported by massive volumes. While the scrip clocked volumes of 23.41 lakh shares on the BSE, on the NSE 38.72 lakh shares changed hands. Marketmen said Capital International was an aggressive buyer at the counter.

A leading domestic fund was reported to have sold a huge chunk of shares at the Escorts counter yesterday while the identity of the buyer could not be confirmed..

The scrip gained Rs 11.20 on the BSE to close at Rs 133.90. A total of 11.60 shares were traded yesterday which also included negotiated deals.

Software scrips recovered some of their losses early on with stocks like Satyam Computers, NIIT, Pentafour Software and Infosys Technologies firming up over their previous levels.

The Satyam Computers touched a new 52-week high of Rs 484.90 on the NSE. However, as sentiments weakened, these stocks, too, came under selling pressure, and shed the initial gains to close the day on a weak note.

Genuine investors are still picking up the fundamentally sound stocks as it seems to be a good level to enter. However, players who have built up large positions at the counter are beginning to feel the pinch of the badla rates, commented a dealer at an institutional brokerage.

In the specified group, the Grasim scrip held firm, soaring to a new 52-week high of Rs 382 on the BSE during intra-day trading . Marketmen said a leading FII has placed an order for a large block of shares at the counter. On the BSE, 1.09 lakh shares were traded yesterday.

The German Remedies scrip lost Rs six over the previous closing levels after touching an intra-day of Rs 470.

The counter has been witnessing activity over the past few trading sessions on rumours of a bonus issue.

The TTK Prestige counter witnessed hectic trading interest with 16,700 shares changing hands on the BSE and 24,700 shares getting traded on the NSE.

Marketmen attributed the interest to a large export order bagged by the company recently.