Financial Daily from THE HINDU group of publications
Friday, Apr 09, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 09, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Biocon gains on strong FII demand
AFTER listing at over 50 per cent premium to the offer price, Biocon shares continued to see huge demand, especially from FIIs, on Thursday with volume exceeding the issue size of one crore shares. This led to the stock hitting the upper circuit of 20 per cent. On the BSE, the stock closed at Rs 581.20 with volume of 37.34 lakh shares while on the NSE it closed at Rs 580.90 with volume of 71.20 lakh shares. Dealers said that the rise in price was due to heavy purchases by FIIs, who did not get the desired quantity of shares during the IPO. Another reason for the rise in the stock price is the lower supply of shares since investors have not received them yet.
Good news for steel firms STEEL prices are likely to go up again, after the recent minor fall, and the major beneficiary would be Tata Steel, according to market talk. Dealers said that on this expectation, there was active buying interest in Tata Steel. The main factor for the hike in the steel price is the rise in international prices. The talk is that Korean steel giant Posco has already hiked the steel prices this month and the Chinese steel makers are likely to cut production by 20 per cent next month in case the steel prices don't go up. According to dealers, this is an indication of hike in the international steel prices. It is also likely to have impact on the domestic steel companies. Since Tata Steel is the lowest cost producer of steel, it would be the major beneficiary of a price hike. On Thursday, the stock price of the company gained 1.87 per cent at Rs 400.45 on the BSE with volume of 53.56 lakh shares and on the NSE it closed at Rs 399.80, up 1.76 per cent with volume of 93.07 lakh shares.
Dips ahead of GDRs THERE is a bit concern in the market over the GDR of Jubilant Organsys and this resulted in some investors selling the shares of the company on Thursday. However, dealers said that there was no negative development responsible for the fall. The talk is that some investors are cautious and this is leading to some selling. On Thursday, the stock closed at Rs 659, down five per cent, on the BSE with volume of 10,591 shares. On the NSE it closed at Rs 658.40, down five per cent with volume of 28,460 shares.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
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