dkishore
24-07-2008, 07:48 AM
THE operator cartel has got on to the IFCI bandwagon yet again. According to market sources, a prominent Kolkata-based operator, popularly known as Babu, and his friends are said to have bought IFCI in large chunks on Wednesday. IFCI has been the best pick for rumour-mongers for the whole of 2007, with stake sale and debt clearance being the most widely heard.
If sources in the know are to be believed, IFCI is a long way off finding a good buyer or clear its debt-heavy balance sheet. With operators already taking positions in the stock, it could be rewinding of old tapes to lure gullible investors. IFCI shares ended 13% higher at Rs 46 on the BSE on Wednesday. The stock has appreciated 25% over the past one week. IFCI had touched a 52-week-low of Rs 29 earlier this month.
If sources in the know are to be believed, IFCI is a long way off finding a good buyer or clear its debt-heavy balance sheet. With operators already taking positions in the stock, it could be rewinding of old tapes to lure gullible investors. IFCI shares ended 13% higher at Rs 46 on the BSE on Wednesday. The stock has appreciated 25% over the past one week. IFCI had touched a 52-week-low of Rs 29 earlier this month.