Financial Daily from THE HINDU group of publications
Tuesday, Dec 16, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 16, 2003 |
|
|
|
|
|
Markets
-
Stock Markets Columns - Ear to the ground Tata Steel: Advance tax `pays'
THE market seems to have turned bullish on Tata Steel. Other than the firm price trend for steel, the market players have accumulated shares of the steel major based on the advance tax amount paid by the company last week. If the market talk is to be believed, the company has paid advance tax of around Rs 300-350 crore for the current quarter, an amount much higher than market expectation. Based on this, brokers have started projecting the full-year profits of the company. There was active buying in the stock. It gained 3.47 per cent at Rs 391.80 on the BSE with volume of 47.88 lakh shares, and on the NSE it closed at Rs 391.10, up 3.53 per cent with volume of 98.88 lakh shares.
`Takeover' gains WITH interest in the technology stocks back, market players are looking at small-cap IT stocks too. One such stock is Sonata Software. On talk that another IT company would acquire the company, market players are accumulating the stock. Dealers said Sonata Software would be acquired by a medium-sized company. On Monday, Sonata Software gained 6.87 per cent on the BSE at Rs 17.90 (Re 1 face-value share) with volume of 6.6 lakh shares, and on the NSE it closed at Rs 17.85, up 7.44 per cent with volume of 13.64 lakh shares.
It is a `shedding' boost IN the current rally, share prices have been moving up on FIIs' buying. But in the case of Orchid Chemicals & Pharmaceuticals the situation is different. The stock has gained by around 25 per cent in the last few days as selling by a leading FII in the stock was completed. This FII had a large quantity of shares in the company and at every rise it has been selling. But select players have now absorbed the entire lot. On Monday, the stock gained 7.53 per cent at Rs 256.25 with volume of 8.56 lakh shares on the BSE, and on the NSE it closed at Rs 256.80, up 7.71 per cent with volume of 23.40 lakh shares.
Virendra Verma
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|