Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Sintex Industries: Surges after block deal
THE counter of textiles and plastic maker Sintex Industries on Monday saw a huge block deal of around 26 lakh shares (or around 18 per cent of the company's equity) on BSE. The deal was struck at Rs 100 in early trades of the day. But after the deal, the stock surged sharply and closed at Rs 132.65, up 7.89 per cent, on the BSE with volumes of 39.89 lakh shares. On the NSE, the stock gained 7.97 per cent at Rs 133.50 with volumes of 14.41 lakh shares. Dealers said the shares were sold by a leading venture capitalist and the buyers were several institutional investors. The promoters last week had bought shares of the company from the market purchases. The main factor for the interest in the stock is good performance of the company's textile as well as the plastic business.
Gains on turnaround THE stock of wind-power company B F Utilities, part of Kalyani Group, was locked in the upper circuit of 10 per cent. The stock gained 9.98 per cent at Rs 23.15 on the BSE with volumes of 86,036 shares. Dealers said the interest in the stock is mainly due to the turnaround of the company in the September quarter. It reported a net profit of Rs 4.14 crore for the quarter compared to net loss of 3.92 crore for the full year ended September 2003. Other than the turnaround, another factor for the interest in the stock is purchases of the shares by the promoters through open market purchases.
Back in buy list AFTER being ignored by the market players for some time, MNC stocks are back in the buy list of several institutional investors. The list included travel and leisure company Thomas Cook India. The market talk is that some institutional investors have started accumulating the stock due to the pick-up in business tourism. In addition, the company's dominance in the money changing business is also being taken into account. The buzz is that stock has not moved in the current rally and with uptrend in the tourism sector, the fund managers have turned bullish on the counter. On Monday, the stock gained 6.05 per cent at Rs 484.90 on the BSE with volumes of 21,999 shares and on the NSE it closed at Rs 485.50 with volume of 27,946 shares.
Virendra Verma
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