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February 24, 2001
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Money > Stocks > Market Impact > Report February 24, 2001 |
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Global Tele likely to slide furtherNetScribes/Abhijit Basu The Global Tele-Systems (GTL) scrip is expected to fall further following Enron India's decision to end its joint venture with GTL for setting up a broadband network in Maharashtra. The GTL stock has been consistently falling for some time and has registered an almost 24 per cent in the last 10 trading sessions. "There is no visible support for GTL. There has been a spate of fresh selling in the scrip. Technically, there could be a further slide of 5-10 per cent," said Nayan Mehta, software analyst at Emkay Shares and Securities. On Friday, on the Bombay Stock Exchange (BSE), the GTL scrip fell 15.35 per cent in afternoon trades to close at Rs 438.90, down Rs 79.60 from its previous close of Rs 518.50. "The scrip basically fell as Enron's move was seen as a loss for the company. It was anyway dipping, and it plummeted further due to news of the break-up," said Priya Rohira, Senior Analyst at Pranav Securities. "It will continue to fall for some time," she added. GTL, however, claimed Enron's move will not affect its earnings for the quarter since it had not included the project in its projections. "The scrip might see support at the Rs 450 level. But revival may take around three-six months. GTL is a fundamentally strong company," said Vijay Baoney, software analyst at HSBC Securities.
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