MUMBAI: Shares of software services and products firm VisualSoft Technologies
were up over four per cent in Friday noon trade on market talk that a consistent
foreign fund seller had exited the stock and pressure on the price would abate.
Over 500,000 shares were traded on the Bombay and National Stock Exchanges on
Thursday, at least 10 times the usual average of 40-50,000 shares.
"This fund was the main seller in Visual and now that it has exited,
there are chances that the pressure on the share price will be reduced,"
said a dealer with a local brokerage. VisualSoft shares have lost over 77 per
cent in the past one year. On Thursday, the shares closed off a low of Rs 647.10
at Rs 710.55. They were trading at Rs 746 on Friday afternoon.
"The company has an even mix of services and products in its portfolio
and has also recently undertaken technology research and development outsourcing
work for some big firms," said Jayesh Parekh, analyst with Smifs
Securities.
(C) Reuters Limited 2001.