homemarket News

Large deal in Craftsman; IRCTC OFS soon? What kept dealers busy on Tuesday

market | Dec 6, 2022 3:54 PM IST

Large deal in Craftsman; IRCTC OFS soon? What kept dealers busy on Tuesday

Mini

PSU Banks were the only outperformer during the session and they were well bid as well, according to dealers.

Shares of IRCTC declined for the third straight day on Tuesday after the stock cooled off from the day's high. Shares have now declined 15 percent on a year-to-date basis.

Recommended Articles

View All

Sources within the dealing rooms tell CNBC-TV18 that the stock is under pressure due to fears of a government stake sale through a possible Offer For Sale (OFS) that may take place in the stock.
As of the September quarter shareholding pattern, the government held 67.4 percent stake in IRCTC.
Third Day of Drop
Benchmark indices ended lower for the third straight day with IT and Metal stocks dragging them lower. However, the Nifty managed to hold the mark of 18,600 after briefly slipping below that in intraday trading.
With markets consolidating in a narrow range, flows were mixed at the FII desk with selling see in large caps while midcaps witnessed some buying.
Volumes for the session are likely to be higher as a market-at-close basket was active at a leading FII desk.
PSU Banks were the only outperformer during the session and they were well bid as well, according to dealers. Shares surged after Morgan Stanley in a note expected further re-rating of the stock.
Cement stocks also outperformed on Tuesday's session on hopes of strong demand and price hikes.
Besides IRCTC, here are some other stocks that have been part of the dealing room chatter today:
Coal India: Shares of the state-run miner ended higher for the third straight day and has now gained in four out of the last five trading sessions. However, the stock has remained in a narrow range during these five trading sessions. Dealers indicate that there was some market-at-close basket buying in the stock at a leading FII desk.
Pricol: Shares ended higher on Tuesday after a three day drop, gaining over 4 percent. The stock also closed at the highest level in over a month. Dealers suggest that the street is anticipating a potential corporate development in the stock soon.
Craftsman Automation: Shares ended higher for the fourth straight day, ending at the highest level in nearly a month. 5 percent equity of the company exchanged hands in large trades, according to data available. Buyers and sellers were not immediately known. However, dealing room sources said a leading private equity player was the seller in this transaction while a leading Alternative Investment Fund (AIF) was the buyer.
Note To Readers

Disclaimer: The stocks discussed in this article are based on unconfirmed reports from dealing rooms. It is advised to carry out your own due diligence before making any investment decision.

Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng