Financial Daily from THE HINDU group of publications
Friday, Apr 16, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 16, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Quiet accumulation Dinesh Narayanan
SOME Kolkata-based punters were said to be accumulating shares of Infosys and Tata Motors. Infosys shares slipped on Thursday after rising sharply on Tuesday on surprise bonus-cum-dividend package from the company. Further, a foreign broking firm put a `buy' recommendation on the company on Thursday. Infosys shares lost 2.83 per cent on the BSE to close at Rs 5,334.70. Tata Motors closed almost flat at Rs 510.25 per share.
More accumulation A FEW domestic institutions are very bullish on South-based software companies Polaris and Satyam, a source has said. He said the investors have been steadily increasing their holding in the two companies for the past many days. Even though the Satyam counter saw some selling on Thursday, these investors were buyers, the source said. A foreign broking house is also recommending Satyam to its clients. While Polaris closed at Rs 205.15, up 1.5 per cent on the BSE, Satyam fell over 2 per cent to close at Rs 327.20. About 11.9 lakh and 30 lakh Polaris shares were traded on the BSE and NSE, respectively. While nearly 57 lakh Satyam shares were traded on the BSE, about 1.3 crore of them changed hands on the NSE.
Selling pressure THE stock of Zee Telefilms came under pressure on Thursday after its fourth quarter performance failed to meet investors' expectations. One foreign broking firm, which had strongly recommended Zee about five months ago as a long-term investment, reportedly sold about seven lakh shares on Thursday. Zee shares fell nearly 9 per cent to Rs 131.40 on the BSE. While 37.1 lakh shares were traded on the exchange, about 61.6 lakh shares changed hands on the NSE.
Gas find? RELIANCE Industries shares flared up in mid-day trade on Thursday on media reports that the company had struck gas off the shore of Orissa. However, the shares came off their high of Rs 577.85 on the reports not being confirmed. By close, the stock had fallen to Rs 565.60, about 1.25 per cent below its previous close on the BSE. While about 24 lakh shares were traded on the BSE, 59.5 lakh shares were traded on the NSE.
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