Delivery buying pumps up Four Soft

DALAL STREET SPIKES

Mid-cap IT company, Four Soft, has been buzzing on the bourses of late on strong delivery based buying. The stock hit a new 52-week high of Rs 88 in intra-day, before closing at Rs 86.80, up 9.3 per cent from its previous close.

If the market grapevine is to be believed, the company is looking for an acquisition in Europe and may also raise money via private placement.

Market sources said, "Punters are aggressively buying into the counter in anticipation of some positive development which has resulted in a sharp rally in the past few days."

In Thursday's trading impressive over 29.9 lakh shares changed on the BSE alone.