Financial Daily from THE HINDU group of publications
Wednesday, Oct 08, 2003
Financial Daily from THE HINDU group of publications Wednesday, Oct 08, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Steel spikes on FII buying
THE steel sector was once again shining on Tuesday with most of the steel stocks making smart gains. According to dealers, foreign institutional investors were heavy buyers at the counters of Tata Steel and the state-owned Steel Authority of India Ltd (SAIL). Sustained buying took the Tata group steel-maker to its year-high of Rs 308.95 on the BSE. However, it closed lower at Rs 304.10, 4.32 per cent higher than its previous close. While the volume touched 1.79 crore on the NSE, it stood near 85 lakh on the BSE. Similarly the SAIL stock was bid up to Rs 42.60 in intense trading, but closed lower at Rs 41.40 on the NSE. It was still 4.28 per cent higher than its previous close. The volume burgeoned to more than 10 crore shares on the NSE. More than four crore shares were traded on the BSE too.
Acquisition dose for Ranbaxy NEWS that pharma giant Ranbaxy is close to acquiring a French company has been swirling in the stock market for a while now. The company has also acknowledged that it is negotiating an acquisition in Europe. Now dealers believe that it has stitched up a deal and is ready to make an announcement. Ranbaxy's target reportedly is French generic drug maker RPG Aventis, a company with sales of about $65-70 million. The Ranbaxy stock on Tuesday ended at Rs 982.60, about Rs 8 more than its previous close on the NSE. While about 3.5 lakh shares were traded on the BSE, more than 11 lakh shares changed hands on the NSE.
Investors bet on performance BONGAIGAON Refineries and Petrochemicals has been on a roll this year. The company's stock is a market favourite and several large and small players were seen buying at the counter today. Dealers expected the company to show extraordinarily improved performance this quarter. They said the company's refining margins have been widening. Being located in a backward area it also gets a 50 per cent excise duty exemption for its products. The advantage is expected to boost earnings substantially, dealers said. The stock closed at Rs 89.30, more than 6 per cent up from its previous close. Trading volume on the NSE and BSE combined stood at more than 92 lakh shares.
Dinesh Narayanan
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