Sterling Bio peaks on institutional purchases

DALAL STREET SPIKES

Sterling Biotech was one of the few counters which ended with gains on Thursday while the Sensex witnessed a carnage.

The stock managed to hit an all-time high of Rs 139.50 before closing at Rs 133.95 on strong buying support from institutional investors. The stock was one of the most active counters with a volume of 16.3 lakh shares on the BSE.

Dealers said the counter is active since HSBC Financial Services increased its holding in the company to over five per cent.

HSBC Financial Services recently acquired an additional 6.18 lakh shares of Sterling Biotech through open market deals on February 9, 2004, taking its total holding to 5.19 per cent of the company's paid-up equity.