homemarket NewsRategain jumps 20% in seven days; Praj at 52 week high: What kept dealers busy on Thursday?
Rategain jumps 20% in seven days; Praj at 52-week high: What kept dealers busy on Thursday?
With Zee's merger with Sony getting conditional approval from the CCI, all eyes are now on what happens to the stake that Invesco owns.
Shares of Rategain Travel Technologies ended 6 percent higher on Thursday after 5 percent of the company's equity exchanged hands in a single block deal.
Sources within the dealing rooms tell CNBC-TV18 that a large Private Equity Fund is likely to be the seller in this trade. CNBC-TV18 highlighted this stock on September 20, citing dealing room sources that a large block deal is likely to take place in the stock.
Nomura India Investment, Kuwait Investment Authority, Goldman Sachs Funds are some of the leading foreign names that feature among the company's shareholders.
The stock has gained for seven straight days and is up 20 percent during this period.
Pressure At Higher Levels
Indian equities ended higher for the second straight day but benchmark indices cooled off from higher levels. High-beta names like Real Estate and Metals outperformed on Thursday.
Dealers indicate that the index is likely to see resistance at 17,400 levels and that quarterly earnings starting next week will determine the market trajectory.
Besides Rategain here are some other stocks that have been part of the dealing room chatter today:
Praj Industries: Shares of the process and project engineering company had its best day in five months, ending 7.4 percent higher. The stock also hit a 52-week high in intraday trading. Dealers suggest strong buy flows within the stock from the HNI desk in anticipation of a corporate development that may take place soon. Shares have gained 15 percent over the last seven trading sessions.
Zee Entertainment: Shares of Zee have gained 11 percent over the last two trading sessions after the company's merger with Sony received conditional approval from the Competition Commission of India. The stock has also registered gains on heavy volumes. All eyes are now on Invesco's stake and dealers suggest that a large banker has already been appointed to execute the sale.
Ambuja Cements: Shares of the cement major gained for the second straight day and has now gained in four out of the last five trading sessions. Dealers indicate strong buy flows from the FIIs desk on the stock.
Adani Power: Another Adani Group company makes the list with the stock ending locked on a five percent upper circuit. This after the stock ended locked in a 5 percent lower circuit on Monday. Dealers are indicating that there have been some buy flows from the FIIs desk for this stock as well.
First Published: Oct 6, 2022 4:35 PM IST
Note To Readers
Disclaimer: The stocks discussed in this article are based on unconfirmed reports from dealing rooms. It is advised to carry out your own due diligence before making any investment decision.
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