Financial Daily from THE HINDU group of publications
Tuesday, May 07, 2002
Financial Daily from THE HINDU group of publications Tuesday, May 07, 2002 |
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Markets
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Stock Markets Info-Tech - IT-enabled Services GTL gains on good projections for IT-enabled services Jayanta Mallick
KOLKATA, May 6 THE counter of GTL Ltd, formerly known as Global Tele-Systems, is back in punters' favour. The scrip attracted a volume of 142.42 lakh shares on the National Stock Exchange and 72.23 lakh shares on the Bombay Stock Exchange on Monday. At the closing level of Rs 133, the inter-day price gain was over 3 per cent. A week ago, the scrip was hovering around Rs 116.30 on the BSE. According to market players and analysts, the current trend in rising price of the GTL scrip has its trigger in the company's IT-enabled services. Between the top two bourses, GTL scrip is more active on the NSE. The two-month average daily volume in the counter stands around 68.55 lakh shares on the NSE. "Market has suddenly woken up to the fact that GTL was one of the first few to enter the business process outsourcing (BPO) field in the country. It is also into call centre business. The recent Nasscom growth prediction of over 70 per cent in the IT-enabled services sector has made the market sit up," said Mr Ajay Jaiswal of Lohia Seurities. Last month the company, while denying a report that it was considering sale of its IT-enabled businesses, had informed the stock exchanges that it will remain invested in this field. According to technical analysts, the GTL scrip seems to have bottomed out around Rs 112 and is poised for a rally after it crosses Rs 138 level. However, once beaten by this K-10 stock, the market is twice shy. "The scam still casts its shadow. The brokers continue to be cautiously optimistic about the counter." Incidentally, the scrip had seen all-time high on the BSE at a huge valuation of Rs 3,550 (March 9, 2000). Its 52-week high is Rs 234.85 (May 27, 2001). During the financial year 2001-2002, the company had posted a PAT of Rs 104 crore (Rs 242.43 crore), down by 57.10 per cent. The public holding in the stock is 39.79 per cent as on March 31, 2002. The combined holding of three Indian promoters is 25.70 per cent. The total foreign shareholding in the company stands around 13.80 per cent.
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