MindTree Consulting top traded on BSE

IT firm MindTree Consulting was the turnover topper, grossing Rs 69.72 crore on BSE.

The MindTree Consulting stock was up 0.54% at Rs 905.50, on a volume of 7.67 lakh shares.The MindTree Consulting stock witnessed a sharp surge on high volumes early last week, thanks to pent-up buying in the scrip, as its IPO had received an overwhelming response. The public offer of MindTree Consulting had attracted bids for 57.76 crore shares, 103 times the issue size of 55.9 lakh shares.

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.

Unusual trading in ACC on NSE

ACC rose as much as 19.2 % to Rs 890, in intra-day trading on NSE, in what seems to be a punching error.At 11:45 IST, when trading on the bourses was halted for 45 minutes for sun outage, the stock was up 2.1% to Rs 763. The stock’s average price by that time was Rs 776.23 on NSE.And now again the stock is trading at Rs 742 which is lower than previous days closing at Rs 746.70.

Today Acc has shown such erratic behaviour and also Mindtree which is still trading around Rs 897-900 levels.Analysts are trying to gauge the reasons behind this behaviour,but caution is advised.

MindTree's phenomenal rise

After an impressive debut on the bourses, MindTree Consulting, an international IT and R&D Services Company, is up about 28% in the first half-an-hour of trade.

After generating a demand of over Rs 23,300 crore through its through IPO, the shares of the Mindtree Consulting made a dream debut at Rs 662 with 56% premium on Dalal Street.Today, the stock has soared to 900 levels. It is indeed one of the buzzing stocks this morning and is continuing to move up. What is the trigger for this sudden rise in the stock - is there some news on the anvil?

Analysts feel that the stock heavily overpriced and investors should happily exit from the stock by booking profits.

MindTree Consulting debuts with 47.5% premium

MindTree Consulting, an international IT and R&D Services Company that delivers business and technology solutions through global software development, has listed with good premium of 47.5% over its offer price of Rs 425 per share on the NSE, which was as per the analyst expectations. Analysts were expecting the stock's listing price should be more than Rs 600.The stock debuted at Rs 627, fell to a low of Rs 590 and attained a high of Rs 668.80 .

The company entered capital market with an initial public offering, IPO of 5,593,300 equity shares of Rs 10 each at a price band of Rs 365 to Rs 425 per equity share. It oversubscribed 103.28 times with the strong support from FIIs and HNIs.

The current price of Rs 660.90 discounts its April - December 2006 annualised EPS of Rs 23.40, by a PE multiple of 28.2. The post-issue equity of the company is Rs 37.28 crore and the face value per share is Rs 10.(Source:Moneycontrol)

But if Mindtree Consulting debuted with a huge premium of 47.5 % this was not the case for Broadcast Initiatives.The stock debuted at Rs 140, which is also its high so far. The scrip had also dropped to a low of Rs 96.60.Broadcast Initiatives was trading at Rs 98.25 on NSE, a discount of 18% over the IPO price of Rs 120.For detail news about Broadcast Initiatives click here.