Silverline up on technical rebound: Traders

NEW DELHI: Shares of Indian software firm Silverline Technologies were up more than four per cent on Tuesday and traders said the move was a technical rebound with still some steam left.

At 12:10 p.m. (0640GMT), Silverline was quoted 4.44 per cent (Rs 13.35) higher at Rs 313.85, while the 30-stock benchmark Bombay exchange index was 0.85 per cent higher at 4,070.60 points.

"Silverline is showing a technical rebound after the fall. The margin of safety during trading is very high from the earlier top," said Naishadh Purohit, vice president of institutional sales at Motilal Oswal Securities in Mumbai. "Though most of the move is over, there could be another 30 rupees from here, if the entire tech sector moves up," he added.

An analyst with a domestic brokerage tracking Silverline said: "It looks as if the stock is moving on a trading call, there hasn't been a fundamental change in the firm, but some value buying is happening."

At Rs 313.85, Silverline is 78 per cent below its record high of Rs 1,395 struck on February 22, but is 20 per cent above the low of Rs 261.50 touched on October 19.

(C) Reuters Limited 2000.