Saturday, August 31, 2002
Mumbai, Aug 30: Hughes Software stock price surged by nearly
13 per cent on the back of sustained buying by institutions.
On The Stock Exchange, Mumbai (BSE), the stock closed at Rs
171.80, up 12.16 per cent from its previous close at Rs 150.90.
A total number of 38,51,743 shares of Hughes Software changed
hands on the counter.
Market sources said that the stock propped up, on the back
of a huge block deal of around eight lakh shares on the National
Stock Exchange (NSE) at a price of Rs 145 per share. Capital
International were believed to be the sellers though the buyer
could not be ascertained, dealers said.
Dealers said that the stock garnered handsome gains purely
on the back of FII participation, and were sceptical that
the stock would be able to sustain the current rally.
Analysts, reiterating the same sentiment said that, fundamentally
the company is in the throes of declining earnings due to
its heavy dependence on the globally ailing telecom sector.
Analysts were further bearish in their outlook, taking into
considerationthe first quarter results ended June 30, 2002,
where the company registered a 76.5 per cent decline in its
bottomline and a 25.3 per cent loss in its topline.
Last updated : February 2, 2004
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