The stock has been moving up ever since on the announcement of 1:1 bonus and a dividend of Rs 125 per cent by the company. However, it has come out of the no-delivery period at the BSE only during the past settlement cycle and operators say this could be one of the reasons for the price rise.
A dealer with B S Vasa told Business Standard: Whether the rise in the stock was due to over-sold positions reversed this week as it came out of no-delivery period or on account of fundamentals will be clear only when the settlement takes place.
He said the scrip could be gaining on account of the no-delivery period the week before and it could come down as the next cycle begins. According to him, the volumes in the stock have been more than usual during the no-delivery period.
Punjab Tractors
