The Hindu Business Line : High on bonus plan

THE stock of steel-maker Tata Steel shot up on Wednesday on speculation that the company is planning a bonus issue of one share for every three shares held.

However, shares of steel companies in general were in good demand on reports that Chinese manufacturers have raised hot-rolled steel prices. Tata Steel stock rose 3.6 per cent to close at Rs 412.80 on the BSE. While 34.89 lakh shares were traded on the BSE, 82.75 lakh shares were traded on the NSE.

Fuelled by acquisition talk

THE stock price of Hyderabad-based technology company Satyam Computers was buoyant on unconfirmed news that the company is negotiating a US acquisition.

According to market talk, Satyam may finalise a buy-out at a board meeting scheduled for Thursday. The stock rose 1.54 per cent to Rs 333.70 at close on the BSE. Over 30 lakh shares were traded on the BSE and the volume was nearly 75 lakh on the NSE. However, only a little over 10 per cent of the combined volume was marked for delivery.

Textile cos spin up

STOCKS of cotton yarn as well as niche textiles manufacturers are the new flavour of the market. Several institutions are stocking up on shares of cotton yarn spinners in the hope of making a killing when quota restrictions are shaken off in January 2005.

Many cotton yarn makers are preparing for a quota-free international trading regime by increasing their spinning capacity. Demand for denim, especially premium denim products, is also expected to rise by early next year. Terry-towel maker Welspun India rose 10 per cent to Rs 88.90, denim maker Arvind Mills rose 5 per cent to Rs 55.95, Mahavir Spinning gained 6.2 per cent to Rs 150, Bombay Dyeing went up 3.13 per cent to Rs 151.80 and Nahar Spinning rose 5.5 per cent to Rs 122.30 on the BSE.

Splitting gains

IT is a rumour that began around the time the Government said it would sell some of its stake in ONGC to the public. It continues to swirl in the market every now and then.

The stock market was yet again agog with a rumour that ONGC is planning to split its shares of face value Rs 10 into five of Rs 2 or two of Rs 5. The speculation helped the stock gain 1.72 per cent to Rs 858.20 at close on the BSE. About 8 lakh shares changed hands on the BSE and 25 lakh were traded on the NSE.

More Stories on : Stock Markets | Ear to the ground

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Apollo Sindhoori launches online trading facility

Polylink Polymers delisted from ASE

Bull onslaught

Exit poll results boost Sensex by 71 points

Fundamentals attract investors into Lupin

No trading on April 26

Asian Electronics stock gains on US approval

High on bonus plan

Outlook positive for Arvind Mills, IPCL

SEBI fiat to brokers on scrips' transfer

Exit poll predictions fuel markets

NDTV public offer oversubscribed 3 times