The Rolta India scrip rose more than 19 per cent on the bourses today on talks that the company had bagged a Rs 200 crore order.
In fact within the first two hours of the trading session, the company was the sixth most traded stock on the Bombay Stock Exchange. During this period, more than 19 lakh shares were already traded. Opening at Rs 104.80, the scrip rose to a high of Rs 124.80 before closing at Rs 122.05.
The company, mostly known for its economical Internet services, is also engaged in software solutions such as global information systems, Cadcam and so on.
Analysts tracking the scrip said that much of the activity in the counter was mostly speculative. "Just mere orders should not give rise to such huge jump in scrip prices," an analyst said.
The scrip has risen by more than 240 per cent since October this year. On October 8, the company's shares had touched a low of Rs 35.95 and now it is at the Rs 120 levels. In October, the scrip saw volumes of 17,000 and now its more than 19 lakh. Analysts expect a sell-off in the scrip in the days to come.
