Stake sale plan fails to cheer Hinduja TMT

DALAL STREET SPIKES

Hinduja TMT ended lower despite the company's announcement that it is considering to sell its 3.5 per cent stake in Hutchison Max Telecom to financial and strategic investors.

The stock, in the intra-day, touched a high of Rs 345 on announcement, but slipped from the higher levels to finally close at Rs 326.45, down 0.94 per cent from its previous close. More than 2.5 lakh shares changed hands on the BSE.

The stock has bounced back in recent times. Form a low of Rs 292.05 on 24 January, 2005, the scrip has touched an intra-day high of Rs 346.60, up more than 18 per cent.

Hinduja TMT is the business process outsourcing and call centre arm of the Hinduja group. The company also offers IT services. The company reported a flat net profit of Rs 22.68 crore for the quarter ended December 2004.