Pitti Lamination up on bargain buys

DALAL STREET SPIKES

The stock of mid-cap engineering company, Pitti Laminations, witnessed bargain hunting at lower levels after a sharp correction in the last few days.

The stock in intra-day trades hit a high of Rs 106.60 before closing 3.07 per cent higher at Rs 105.65. More than 33 thousand shares were traded at the counter on BSE today. Pitti Laminations on Wednesday, allotted shares and share warrants to promoters and non-promoters on preferential basis at Rs 72 per share.

Among the non-promoters, Sonata Investments was allotted 11.5 lakh shares and Trimurthy Equity Finance (Bombay), 50,000 shares. Akshay S Pitti was allotted 3.90 lakh shares and 4.1 lakh share warrants under the promoters' category.

Sources suggest ahead of the preferential allotment, a domestic mutual fund was actively buying at the counter which pushed the stocks to a high of Rs 124 on June 9. The stock since then has been witnessing alternate bouts of buying and selling.