Date:29/07/2004 URL: http://www.thehindubusinessline.com/2004/07/29/stories/2004072902011500.htm

Back Rumours brighten picture

Deeptha Rajkumar

RUMOURS of a stake sale continued to propel the stock of Balaji Telefilms northwards for the second consecutive day on the bourses.

The market grapevine has it that Star TV is reportedly looking to pick up a stake in the company. The stock has appreciated by 14.41 per cent from Rs 66.60 on July 26 to its current levels of Rs 76.20 on the BSE. However, when contacted, company officials, denying the rumour, said that such a move was unlikely given that Star provides content to competitive broadcasters as well.

Meanwhile, analysts maintain that the run-up at the counter could also be on expectations of the company announcing good results. The stock of Balaji Telefilms ended at Rs 76.20, up 11. 65 per cent, with around 13.14 lakh shares traded.

Smooth SAILing

ANOTHER counter that is seeing huge positions being built up on rumours is Steel Authority of India Ltd(SAIL).

The reason, as per the grapevine, is the Rs 2,000-crore profit that is expected to be reported by the company. Brokers maintain that the stock has been witness to sustained buying interest on account of this. The word on the street is that the company is likely to report a Rs 2 dividend.

The SAIL stock ended at Rs 38.60, up 2.12 per cent, with around 1.73 crores traded on the BSE.

Property buy buzz

WHILE the stock price showed no indication of any significant corporate development, the market was abuzz with rumours that Pantaloon is looking to acquire Nirlon property in Worli to set up its retail outlet.

However, analysts tracking the company said such a move would be illogical given the company's presence at Lower Parel in Mumbai. Additionally, Pantaloon has reportedly never undertaken outright purchase of any property to set up its Pantaloon Shoppe.

The stock ended at Rs 34.50 on the bourses.