Financial Daily from THE HINDU group of publications
Tuesday, Apr 13, 2004
Financial Daily from THE HINDU group of publications Tuesday, Apr 13, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Second-guessing Infy Dinesh Narayanan
IT has almost become a custom. Every quarter, the day before information technology leader Infosys announces its results, the stock market grapevine works overtime guessing the numbers. The surprising part is the past couple of times the numbers that floated in the market the previous day were spot on. But last April, a gloomy forecast from the company shocked the Sensex into shedding 105 points. On Monday, the rumour mills had it that the Bangalore company is likely to report a net profit in the region of Rs 325-330 crore. The grapevine also had it that the company would declare a bonus of one share for each held and split the shares into units of face value Re 1. A stock market source said there was some indication that the company might change its policy of giving yearly guidance and opt for the shorter duration quarterly forecast. The stock fell 3.25 per cent to Rs 5,139.85 per share with 2.18 lakh shares traded on the BSE and 5.66 lakh traded on the NSE. About 27 per cent of the total traded volume was marked for delivery.
Overseas buy? THE stock of Zee Telefilms is on the rise over the past few sessions on strong institutional buying interest. According to the market grapevine, the company could be in talks for acquiring a company engaged in the DTH telecast business in the UK. The stock rose 1.65 per cent to close at Rs 141.30. While 5.32 lakh shares were traded on the BSE, 10.41 lakh shares changed hands on the NSE.
New tie-ups likely THE stock market was abuzz with news that Apollo Hospitals Ltd could be bagging a hospital management contract from a PSU major. A source said the company is in talks with a public sector unit that runs its own hospital. Managing other hospitals, apart from running its own, is a major revenue earner for the Chennai-based group. The source said a South-East Asian fund has begun accumulating Apollo Hospitals shares. The stock rose more than 8 per cent to Rs 216.25 and trading volumes soared to nearly 5.6 lakh on the BSE and 12.3 lakh on the NSE as against an average volume of about 2 lakh shares.
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