The sad point about Indian promoters is that they hardly ever care for the small stake holders in their entities. I had on more than one occassion told you about the game plan that the ‘bajajhind’ masters were intending to enact. They have made themselves richer by Rs 70 K crs and have seen to it that get 1.42 crs warrants enabling them to get 1.42 crs shares at Rs 52.14 per share while the closing price today was Rs 108 per share. The SEBI’s laid out rules have not been able to safeguard the non-promoter interests. They have to do some thing to plug the leak of value in the hand of unorganised investing class.
The world’s markets today have shed the gloomy outlook of yesterday. The Wall-Mart earning have been okay and this has bolstered sentiment. Back home, we have also not shown too much concern for the political uncertainity but did lose some 41 Nifty points.
The DLF promoters had been able to sell Rs 3000.cr worth of stocks and would utilise funds for strengthening finances of DLF Assets Ltd where DLF has receivables. This has resulted in renewed interest in DLF scrip which has closed to at healthy 250/-.
The Nifty level of 3700 was attempted to be crossed three times, this leaves scope for weakness where the Nifty may well test support at 3350 and below it at 3120. Should it cross 3700 level you may well expect it to touch 3950 level and rest there. After a while it is slated to come in the vicinity of 4300. I may remind you that the measures taken for revival of economy by Manmohan Govt are slowly and surely bearing fruit.