Financial Daily from THE HINDU group of publications
Tuesday, Feb 10, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 10, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Reliance Energy gains on FII buying
THE counter of Reliance Energy (formerly BSES) is back on the buy list of several FIIs. Dealers said the energy major counter saw heavy purchases by several new FIIs. Interest is due to improved profitability of its Mumbai business, likely expansion in its distribution franchise and reduction in transmission and distribution losses at its joint venture in Delhi. On Monday, the shares of Reliance Energy gained 5.48 per cent at Rs 611.25 on BSE with a volume of 3.25 lakh shares and on the NSE it closed at Rs 613.20, up 6.01 per cent with volume of 7.51 lakh shares.
Back in the reckoning AFTER active buying in Bharti Tele-ventures shares, market interest has moved to another telecom stock — MTNL. Even though there has not been any major upward movement in the shares of the company in the last few months, the buzz is that several institutional investors are optimistic about the future of the company. The optimism arises from a revamped strategy adopted by the company with focus on its services. The public sector telecom major has already started marketing its wireless-in-local loop service Garuda, which received good response. Moreover, its mobile services, Dolphin and Trump, have also been well received in the market due to better network. On Monday, the stock gained 2.97 per cent at Rs 136.95 on the BSE with a volume of 4.33 lakh shares and on the NSE it closed at Rs 137 up 2.89 per cent with a volume of 13.26 lakh shares.
Low volume causes concern THE market rise on Monday was not taken well by players. Dealers said the rise was on back of very low volumes. If market talk is to be believed, several players are likely to offload their holdings in the days to come. The selling would be mainly from players who had bought shares when the Sensex was above the 6,000-level.
Virendra Verma
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