powerfulpicks call update: On July 21st, I had written:
"I dont believe in rumors, but recently one of my friends said that Mukesh Ambani has recently taken a fancy for this ad (IDEA ad, featuring Abhishek Bachhan), since TELECOM is looking interesting to him and IDEA is looking IDEAL. The above statements are not even rumors, they may be even guesses by some of my friends....But just note these hard facts: ABG Group company IDEA sold a stake to Axiata, formerly Telekom Malaysia, at around Rs 157 a share in June 2008. Axiata currently holds around 23% in Idea, 47% is held by promoters, while the rest is with institutional and retail investors. CURRENTLY IDEA is around 65-66. If a stake sell happens in IDEA , just imagine what will happen to its price?...Wont it be prudent to accumulate a small quantity, just 100-200 shares and just keep them for next 2 years, without a fuss? Even if a stake sell does not happen, IDEA will move back to 90 shortly. So one will still be profitable."
Script touched 77.65 today, up by 17.7% after my call 1.5 months back. Those who had invested at that time may continue to hold the script and book profits at 82.
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