Financial Daily from THE HINDU group of publications
Wednesday, Dec 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 10, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground ITC: They also make tobacco
THERE seems to be some revived interest in tobacco and FMCG major ITC in the last few days. Dealers said there are various factors for the interest in the company. The market is looking at it as a diversified company with operations in tobacco, FMCG, hotel, paper. The market talk is that with interest in FMCG stocks back and hotel and paper industry looking good, institutions are looking at ITC as more than just a tobacco company. The initiative undertaken by the company in foods business is also bringing benefits with all its newly launched products getting good response in the market. On Tuesday, the ITC stock gained 4.12 per cent at Rs 951.05 on the BSE with volume of 3.55 lakh shares and on the NSE it closed at Rs 949.60, up 4 per cent with volume of 7.97 lakh shares.
`Takeover' gains THE market seems to be sensing some acquisition happening in the IT sector. The company that could be on the acquisition list is the Delhi-based Nucleus Software. If the market talk is to be believed, a leading MNC company that has interest in Indian IT business is the front-runner. Some players think this acquisition is likely to go through and have been acquiring the stock. In the last one week, the stock has already gained 33 per cent. On Tuesday, the stock gained 10.78 per cent at Rs 117.70 on the BSE with volume of 75,423 shares and on the NSE it closed at Rs 116.50, up 11 per cent with volume of 1.3 lakh shares.
Boom time for hotel biz too THE booming economy has resulted in heavy inflow of business travellers, keeping the rooms of most of the hotels full in bigger cities. Dealers said that several FIIs have started accumulating shares of most of the top-rung hotel companies such as Indian Hotels, ITC Hotels, EIH and Hotel Leela Ventures. The stocks of most of these companies gained and several broking firms have also started covering this sector after a long time. Another factor for interest in these stocks is that the market value of most of the hotel properties have increased, which is still not reflected in their stock price.
Virendra Verma
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