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Power Grid may head lower after share sale
06 Dec 2013, 03:30 PM IST
Power Grid Corp of India Ltd shares looked ripe for profit-taking after rising nearly 6 per cent since Monday's close on the back of good investor response to its $1.1 billion share sale, according to dealers.
Dealers say the rally is being driven by sentiment and not by a change in fundamentals.
Shares sales in other state-run companies in the past have also faltered.
NTPC shares are almost flat since its $2.15 billion share sale in February from the government's minimum offer price, while NMDC Ltd is about 3.3 percent lower since its $1.1 billion share sale in Dec 2012, as of Thursday's close.
Copyright: Thomsom Reuters 2013
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