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Jayanta Mallick

KOLKATA, April 1

THE Tata Steel (Tisco) stock was the best performer among the 30-share Sensex, the domestic benchmark index, during the financial year 2002-03.

According to a study prepared by Anagram Stockbroking, the Tata Steel stock appreciated by 36.97 per cent during the fiscal to March 31, 2003, when the BSE Sensex depreciated by 12.12 per cent. The worst achiever among the elite stocks was Zee Telefilms, which saw a whopping fall of 62.75 per cent in market value over the last financial year.

The Index itself lost a total of 420 points. Only 13, out of the 30 constituent stocks of the Sensex closed the year in the green. Five stocks of the Sensex, though finished the fiscal with a negative return, out-performed the index by virtue of recording a lower percentage of losses during the period.

The BHEL stock clocked an impressive gain of 32.31 per cent, commanding the second slot. The Tata Engineering (Telco) counter with a value appreciation of 23.29 per cent, the SBI scrip with a gain of 22.79 per cent and the Grasim stock, with a value improvement of 14.49 per cent adorned the third, fourth and fifth place from the top.

The Hindustan Lever (HLL) stock, generally considered a defensive counter, proved otherwise with fall of 34.35 drop in market value during the last fiscal. The contribution of HLL stock in the decline of Sensex was greatest because of its high-index weightage. The stock was also responsible for poor performance of the BSE FMCG Index, which declined by 23.57 per cent over the fiscal.

ONGC recorded the top slot in terms of market capitalisation amongst the BSE listed stock. Based on Monday's price (last day of the fiscal), its market capitalisation stood at Rs 50,734 crore, accounting for 9.29 per cent of the exchange's total market capitalisation of Rs 2,53,806 crore.

The Reliance Industries (RIL) stock claimed a market capitalisation of Rs 38,602 crore or 7.07 per cent and HLL's market capitalisation was placed at Rs 32,566 crore or 5.96 per cent.

Incidentally, the ONGC counter does not figure either in the prime index, the Sensex or even the relatively broad-based BSE 100. According to Mr V.K. Sharma, chief analyst of Anagram, the BSE 200 performed better than the Sensex or BSE 100 during the last fiscal largely because of decent growth of the ONGC stock. Among the sectoral indices, the BSE Capital Goods Index moved up by 26.41 per cent and the BSE PSU Index gained by 10.08 per cent. All other BSE sectoral indices closed the fiscal in the red.

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