Financial Daily from THE HINDU group of publications
Wednesday, Nov 26, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 26, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Buyers return to Reliance
INSTITUTIONAL investors, both foreign as well as domestic, heavily bought the stock of Reliance Industries on Tuesday, a dealer said. He added that one investor that had been selling at the counter over the past few days stopped unloading the stock. According to a market source, investors are expecting a review of estimates of reserves in the gas fields owned by the company off the country's east coast. Last week the Reliance counter had witnessed heavy selling after the company's partner Niko Resources said its largest gas field off the east coast holds lesser reserves than earlier estimated. It had said the March 2003 estimates were overstated due to an arithmetic error. Niko revised the gas estimates from 9.9 tcf to 8.6 tcf. The market grapevine has it that the estimate may be revised again, this time upwards. The stock ended the day at Rs 467.30 per share, up 2.6 per cent than its previous close on the BSE. The aggregate volume on the BSE and NSE was about 71 lakh shares.
Dividend hope lifts oil stocks SHARES of oil companies were hotly traded on both the exchanges on the hope that the Government would seek more dividends from them to bridge the fiscal deficit. The belief was strengthened after the Disinvestment Minister, Mr Arun Shourie, said that the Government would sell its residue equity holdings in privatised entities. The stock of HPCL also got a boost from news that it had agreed to sell its residual holding in MRPL to ONGC. Both IOC and HPCL rose more than 5 per cent on Tuesday - IOC closed at Rs 365.10 per share, HPCL at Rs 359.25 per share. BPCL rose 2.21 per cent to close at Rs 351.65. Trading volumes in these counters were also quite high.
Tata Motors' scrip on a roll TATA Motors raced ahead after investors, especially a couple of domestic buyers, actively purchased the company's shares. According to an analyst, good kharif harvest is expected to buoy demand for trucks. Besides northern States are abolishing a `golden pass' system that allowed truck operators to carry loads heavier than the prescribed vehicle capacity on payment of an annual penalty. The Tata Motors stock closed at Rs 408.90 per share, up 3.77 per cent from its previous close. About 1.25 crore shares were traded on the NSE and BSE together.
Dinesh Narayanan
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