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Friday, Nov 01, 2002

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Reliance sends market soaring

Sowmya Krishnan

RELIANCE sent the market soaring on Thursday after it confirmed that it had discovered huge gas reserves in Krishna - Godavari basin off Andhra Pradesh coast. The benchmark BSE-Sensex spurted 2.10 per cent or 60.73 points to close at 2949.32 points. Traded volumes jumped to 8.07 crore shares from Wednesday's 7.05 crore. Gainers outpaced losers 671 to 548 shares.

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On the National Stock Exchange, the 50-stock S&P CNX Nifty went up 1.46 per cent or 13.65 points to close at 951.40 points.

A 25-per cent jump in earnings for the September quarter together with the discovery of one of the world's largest gas reserves sent the stock soaring 14.5 per cent to a high of Rs 268. It finally settled 13.9 per cent higher at Rs 266.70.

Technology stocks gained to close on a positive note.

Satyam Computer ended up 5.51 per cent at Rs 235.35 while HCL Technologies ended up 1.37 per cent to Rs 163.15.

Tata Steel rose 7.37 per cent to Rs 125.25 after its net profit in the July-September quarter jumped seven fold to Rs 203 crore. Tata Engineering too gained 6.59 per cent to Rs 144.70.

Thermax, the industrial machinery manufacturer, was also upbeat and settled 8.26 per cent higher at Rs 138.95 points. Few other noticeable gainers were Nicholas Piramal, Indian Rayon and Saw Pipes.

Backed by better performance, Ingersoll Rand stock has been on an uptrend throughout the week. The stock jumped 4.83 per cent on Thursday to close at Rs 234.55.

UB Beer has been on an uptrend for quite some time now. The stock shot up 17.39 per cent on Thursday to close at Rs 124.90.

Moser Baer almost touched the lower circuit filter after it announced a dip in earnings. Traded volumes jumped manifold to over two lakh shares from just 6,700 shares traded the day before.

The stock lost close to 19.98 per cent to Rs 158.15.

A few other losers were BHEL, Siemens, Sri Adhikari, VSNL, United Phosphorus and Apollo Tyres.

Apollo Tyres closed 5.26 per cent lower at Rs 215.50.

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