MindTree Consulting skyrockets

After trading weak for most part of the day, MindTree Consulting surged 13.30% to Rs 995, as buying in the scrip began all of a sudden.The stock of MindTree Consulting was trading weak till the late-afternoon. It had also touched a low of Rs 825.

The stock was finished up nearly 5% to Rs 921.50. However, the stock came off sharply from an intra-day surge of as much as 14.3%, to Rs 1005. Volumes in the scrip were a huge 90.1 lakh shares on BSE. The stock of Mindtree Consulting has spurted on high volumes in the past three days. From Rs 651.80 on 9 March 2007, it has vaulted 41.3% in the past three trading sessions, to the current Rs 976.50.

Marketmen say that the sharp surge in the stock price can be due to some large funds, who may have placed an order to get a piece of action in the stock. According to them, in highly successful IPOs, QIBs and FIIs fail to bag shares and then just place an order for, say, up to 3% of the share capital to begin building up. The same phenomenon was also noticed in Tech Mahindra, they inform. Thus, some large funds eyeing a piece of the action in MindTree Consulting may be a reason for the sudden interest of late.