Financial Daily from THE HINDU group of publications
Tuesday, Jun 25, 2002
Columns - Ear to the ground
Exports lend sparkle to diamond cos
REPORTS of a 28-per cent increase in diamond exports during April-May saw share prices of diamond companies move up sharply on the bourses on Monday.
Stock prices of companies such as Su-Raj Diamonds, Parekh Platinum, Shrenuj Diamonds and SB&T International showed an uptrend on Monday. Dealers said that there was also a lot of demand for Goldium International. According to dealers, news of the US-based retail giant, Walmart, considering direct import of diamonds form India fuelled market interest further.
However, with reports of the Central Bureau of Investigations making enquiries about the havala transactions in this sector, analysts reason that the bull phase is very temporary and advise caution. The share price of Su-Raj Diamonds jumped up by 13 per cent on the BSE to end the day at Rs 19.20. Around one lakh shares traded hands at the counter. On the NSE, the stock closed at Rs 19.10, up 11.69 per cent with around 3.6 lakh shares being traded.
`Power'ful thrust to JSPL
THE shares of Jindal Steel and Power Ltd up sharply on the bourses on Monday. Dealers said the market had rerated the stock on good valuations. The company provides power to a lot of capital-intensive companies. Increase in demand for power is expected to enhance its bottomline. The stock is currently trading at a PE of 2. The stock closed at Rs 261 on the BSE up 8.82 per cent with around 51,521 shares traded at the counter. On the NSE, the share closed at Rs 261, up 9.29 per cent with around 2.53 lakh shares traded at the counter.
SAB TV up on talk of pvt placement
SHARES of the Sri Adhikari Brothers moved up once again on rumours of the company going in for private placement.
According to dealers the talk in the market is that the placement is likely to be at Rs 250 per share.
The stock closed at Rs 160.70, up 10.52 per cent on the BSE with around 4.67 lakh shares being traded at this counter. On the NSE, the stock moved up by 11.11 per cent to Rs 160.95, with around 8.87 lakh shares being traded.
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