Profit booking hits Bhatri Tele

DALAL STREET SPIKES

Bhatri Tele-Ventures lost 4.01 per cent on Tuesday as domestic funds, which are facing redemption pressure, booked profits at higher levels.

The stock of the telecom major has been on the buying list since the stock replaced NIIT in the S&P CNX Nifty from March 1, 2003.

Analysts attribute today's fall to the overall weakness in the market and profit booking by selected domestic funds. The counter witnessed a huge volume of 16.96 lakh shares on the BSE.

The stock, between March 3, and March 15, 2004, has lost 2.5 per cent to Rs 150.90 from Rs 154.80, before crashing over four per cent in today's trading to close at Rs 144.85.

Prior to this, the scrip of the telecom services provider has been on an upswing on sustained buying from all sections of the market following the solid financial performance of the company and on anticipation of a good future growth.