Institutional investors load up on Zylog scrip
CHENNAI-BASED mid-sized IT firm – Zylog Systems has been witnessing sustained accumulation by institutional investors, some of which include Sundaram BNP Paribas, Carlson Fund and Argonaut Ventures. According to dealers, Sundaram has bought close to 6-7 lakh shares in the past few weeks under its SMILE, Select Small Cap and Arbitrage Funds, while foreign fund Carlson has bought close to one lakh shares in the past few days. Carlson Fund, which has close to $700-million allocation to some Asian countries including India, is said to be taking further exposure to the counter.
The buzz is that the company is at an advanced stage of finalising an acquisition in Europe. The deal size is pegged at close to $30-40 million. The stock has appreciated close to 20% in the past one month on heavy volumes.
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