Financial Daily from THE HINDU group of publications
Saturday, Dec 13, 2003
Financial Daily from THE HINDU group of publications Saturday, Dec 13, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Steeling for profit
THE stock of Tata Steel attracted significant investors attention on Thursday after news circulated in the market that the company would pay advance tax in excess of Rs 500 crore this quarter. While the news remained unconfirmed at the end of the day, retail as well as institutional investors bought the stock in large numbers expecting a bumper profit for the company at the end of the quarter. A market source also said one domestic fund was swapping its position from Tata Motors to Tata Steel. The stock went up 3.6 per cent or Rs 13.10 to close at Rs 378.65. While 40.87 lakh shares were traded on the BSE, the NSE saw trades of over 85 lakh.
Block deals in HLL
THE counter of Hindustan Lever Ltd on Thursday saw a series of block deals at the same price. According to a dealer, all the deals were done by a single foreign institutional investor, who appeared to be making an inter-fund transfer. There were five deals of about 2.5 lakh shares each on the NSE, four of them at the rate of Rs 187 and one at Rs 187.60 per share. There were three more deals totalling about 2.5 lakh shares at Rs 187.50 per share. There were about six large deals totalling about 15 lakh shares on the BSE too. All the deals were struck at near Rs 187 per share. The stock closed at Rs 187, almost the same as its previous close.
FII buying in Ballarpur Ind PAPER manufacturer Ballarpur Industries has been attracting buyer interest for a while now. The market grapevine says one of the biggest foreign funds is a constant buyer at the counter at current levels. Rumours of a possible acquisition by the company are also afloat in the market. One dealer said investors also believe that the company's revenues would pick up as paper prices are firming up. The stock closed at Rs 79.25 per share compared to its previous close of Rs 80 on the BSE. While about 1.3 lakh shares were traded on the BSE, nearly 3.5 lakh shares changed hands on the NSE.
Dinesh Narayanan
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