Institutional buys hoist HCL Infosystem

DALAL STREET SPIKES

Aggressive buying by foreign institutional investors into HCL Infosystem counter spurted the stock to a four-year high on Monday's trading at the BSE.

The stock in a subdued market, (where other frontline tech stocks were hammered) gained 9.19 per cent to close at Rs 759.90 after touching an all-time high of Rs 815. According to market sources, a leading FII is accumulating the stock at current levels.

The counter witnessed volumes of 4.3 lakh shares on the BSE. The stock, in the last four trading sessions, has gained more than 38 per cent from Rs 572 on March 9.

The counter is also active on back of rumours that IBM is close to acquiring a stake in the company.

As of December 31, 2003, promoters owned 65.32 per cent stake in the company, while foreign bodies, domestic institutions and public held 9.83 per cent, 9.85 per cent and 6.33 per cent stake respectively.