Financial Daily from THE HINDU group of publications
Saturday, Dec 20, 2003
Financial Daily from THE HINDU group of publications Saturday, Dec 20, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground RIL: IPO buzz boost
EXPECTATION that Reliance Industries would float its telecommunications business, Reliance Infocomm, in a mega public offer fuelled interest in the company's stock on Friday. Institutional buyers picked up Reliance shares in large quantities, a market source said. Market grapevine says two foreign funds have been large shoppers at the counter for a while. Besides, the hope of a Reliance Infocomm float, news that the telecom company would offer free roaming facility to its customers has also come as a shot in the arm. The Reliance stock rose 2.7 per cent to close at Rs 520.40. Trading volume on the NSE soared to more than a crore shares, while on the BSE it stood at about 60 lakh shares.
Order talk draws buyers THE stock of Jaiprakash Industries was attracting buyers on Friday on market talk that the company has bagged a construction contract in Iraq. The stock rose 1.4 per cent to close at Rs 112.60. While 22.2 lakh shares were traded on the BSE, nearly 47 lakh shares changed hands on the NSE.
Separation delight THE stock of L&T shot up to a new year high after the company announced that the Bombay High Court has directed it to call a meeting of shareholders and creditors to separate the company's cement and engineering businesses. The company would hold the meeting on February 3, 2004. While a couple of domestic funds were seen buying the stock on Friday, operators accounted for a large volume of trades at the counter, a market source said. The stock rose more than 8 per cent to close at Rs 498.25, off the day's and year's high of Rs 500.40 on the BSE.
Sparkling business THE ceramic tile industry has got a shine, thanks to the booming construction business. Easy home loans and pick-up in business has given a fillip to house as well as commercial construction, both large users of ceramic tiles. One of the largest beneficiaries of the good tidings has been Kajaria Ceramics. Investors are buying up the shares in large numbers. Large purchases at the counter lifted the stock price by 10 per cent today. The stock closed at Rs 88.90 per share. About 40,000 shares were traded on the BSE and more than 1.27 lakh shares on the NSE.
Dinesh Narayanan
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