indian stock market

Fund managers and FIIs might be liquidating banking stocks but one smart investor is making use of the low prices and using the opportunity to its advantage. Life Insurance Corporation of India (LIC) which is a big ticket institutional investor in the Indian stock markets, over the last few days, was seen hiking its stake in two banks.   First was State Bank of India , where through open market purchase, LIC acquired additional 1.34 crore shares of the bank for Rs 1,484.12 crore. This buying was done between November 2008 and March 2, 2009 . Post acquisition, LIC's stake in SBI now stands at 9.16%. The other bank is Indian Overseas Bank . LIC has hiked in this bank to 9.96% after purchasing additional shares worth Rs 57.65 crore through open-market transaction. These shares were purchased between February 19 and March 3, 2009 .   Then LIC has hiked its stake in HDFC Bank to 7.105 % and in ICICI Bank to 9.38%. It also hiked its stake in PNB to 10%. Pri

Salora International rose 6.10% to Rs 33.05 at 15:07 IST on BSE, after the company's promoters hiked stake in the firm. The company announced the increase in promoter stake during trading hours today, 9 April 2009. On BSE, 81,654 shares were traded in the counter. The stock had an average daily volume of 11,094 shares in the past one quarter. The stock hit a high of Rs 34.50 and a low of Rs 30.65 so far during the day. The stock hit a 52-week high of Rs 188 on 2 May 2008 and a 52-week low of Rs 24 on 17 March 2009. The small-cap stock had underperformed the market over the past one month till 8 April 2009, rising 13.27% as compared to the Sensex's 29.02% rise. It had also underperformed the market in the past one quarter, declining 30.93% as compared to the Sensex's return of 12.05%. The company's current equity is Rs 8.82 crore. Face value per share is Rs 10. The current price of Rs 54.50 discounts the company's Q3 December 2008 annualized EPS of Rs 16.09, by a PE