Hexaware doubles on stake sell rumors

hexaware While the markets are on a very crucial stage of consolidation, it’s raining windfalls for Speculators. The Hexaware Technologies stock today zoomed to Rs. 42 as compared to Opening price of Rs. 21, on rumors that promoters are planning stake sale. The Promoters later clarified that they have neither pledged nor sold even a single share of the company nor do they have any plans for the same. Promoters have also clarified that there are no talks of any acquisition. The stock closed at Rs. 33 up nearly 65%.

The Stock carries a Book value of Rs. 47. It has a 52 Week high of Rs. 85 and 52 week low of Rs. 18.

Markets have witnessed similar bouts of speculative trading earlier in stocks like Rolta and Spice Communications. Talks are doing the rounds that some operators are actively involved in boosting the prices of small stocks for dumping them at higher levels. Investors needs to be careful of trading in small stocks that witness such up-move which is not supported by any positive developments on the counter.