Financial Daily from THE HINDU group of publications
Friday, Jan 02, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 02, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground HLL levering up Dinesh Narayanan
FOREIGN institutional investors were heavy shoppers at the counter of FMCG major Hindustan Lever Ltd on Thrusday, a market source said. The source said a top foreign brokerage that represents several institutional investors was looking to pick up about 30-40 lakh shares of the index heavyweight. However, a couple of domestic funds reportedly sold the stock in large quantities on Thursday. HLL closed at Rs 212.60, up about 5 per cent from its previous close on the BSE. About 24 lakh shares were traded on the exchange. Trading volumes at the HLL counter at NSE stood at about 54 lakh.
Cipla lifted by bonus hopes THE stock of domestic drug-maker Cipla was attracting buyers on Thursday on speculation that the company is planning a bonus issue of shares by the end of the fiscal year. According to the market grapevine a bonus in the ratio of one share for every two held was likely. Cipla shares rose 2.5 per cent on the BSE to close at Rs 1,350.75 apiece. While a little over 78,000 shares were traded on the BSE, more than two lakh shares changed hands on the NSE.
More bonus buzz THE market grapevine was abuzz with speculation that Jindal Steel and Power is also planning a bonus for investors. Buyers flocked to the counter on unconfirmed news that the company would give away one share for every share held. JSP shares closed at Rs 644 per share, up 4 per cent than their previous close on the BSE. While about 67,000 shares were traded on the exchange, a little over 92,000 shares were traded on the NSE.
Buoyant shipping THE stock of shipping companies has risen with the global economic revival and buoyant freight rates. After rallies in frontline sector stocks such as SCI and GE Shipping, investors are now wading into counters of Varun Shipping and Essar Shipping. A market source said a top foreign brokerage is lapping up Essar Shipping stock for its institutional clients. Two large brokerage houses have strongly recommended the stock to clients describing it an "out-performer." The source said the company, which already has one of the best fleet in the country, is likely to expand it with a VLCC (very large crude carrier). Essar Shipping shares rose nearly 6 per cent to close at Rs 28.15. More than 66 lakh shares were traded on the BSE.
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