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Zee Telefilms scrip surges 45% in 3 days

03-August-2001
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Zee Telefilms scrip surges 45% in 3 days

Zee Telefilms counter has seen a sharp rally over the past three days on the back of some aggressive fund buying. The counter touched a high of Rs 102.85 in intra-day trade today, closing at Rs 98.95, almost 46 per cent higher from the 48-month low of Rs 68 it touched on previous Tuesday.

The surge follows some positive developments on the company's front. Talk of Subhash Chandra planning to offload a stake to a strategic partner, as well as a 11.91 per cent rise in net profit was recorded in the first quarter of 2001 to Rs 29.88 crores.

The trigger for the stock, however, came from the promoter's intention to divest stake to around 51 per cent.

The rally, however, may get aborted at the higher levels as FIIs may queue in to offload at those level. The volume today indicate that the offloading by operators have already begun.

Yesterday, the counter reacted marginally with combined volume on BSE and the National Stock Exchange (NSE) declining by 25.2 per cent to 179.94 lakhs share.

On BSE, volume declined from 91.21 lakhs share to 66.23 lakhs share while on NSE it fell to 113.71 lakhs share to 149.37 lakhs.

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