The Hindu Business Line : TV18 hogging the limelight

SUSTAINED fund support saw the stock of TV18 surge on the bourses on Monday. The counter ended the day almost 9 per cent higher on the BSE at Rs 158.10 with around 33,287 shares traded. Dealers said that there is talk of the company looking to launching another entertainment channel. Market sources, however, maintain that one reason for the momentum at this counter was the increasing weightage being given to media and entertainment stocks by funds.

The TCS effect?

PSU Banks seemed unable to shake off the jitters vis-à-vis the new Government policy at the Centre. Fears of a hike in interest rates coupled with several broking houses recommending a shift to the more expensive private sector banks, just added to the nervousness. However, the immediate trigger for Monday's weakness would appear to be the TCS issue.

There is a perception that with TCS likely to get a 3-4 per cent weightage, post-listing, those overweight in the PSU banking sector are bound to reduce position. The Bankex lost ground by 3.38 per cent during the day. The stock of SBI closed at Rs 439.65, down 6.11 per cent, with around 23.37 lakh shares traded on the BSE. IOB ended at Rs 42.85, down 5.62 per cent, with around 2.86 lakh shares traded on the BSE. Bank of India ended at Rs 49.30, down 2.86 per cent, with around 8.34 lakh shares traded.

Grasim losing ground

REPORTS that the company's cement despatch numbers are not encouraging, has seen the stock of Grasim come under pressure. Word on the street also was that a leading domestic brokerage has been offloading shares at this counter.

Dealers maintain that given the stock did not lose ground as sharply and corresponding to the steep market fall, the selling pressure now is largely on account of the difference being corrected. The counter ended Monday at Rs 932.45, down 6.40 per cent, with around 1.86 lakh shares traded on the BSE. Other cement counters too came under pressure during the day following talk of regulating the steel sector. Sources said that there was concern that there would be demand from user industries to check prices of other commodities including cement.

Kopran gains on fund support

REPORTS that FIIs can purchase additional shares of pharma company Kopran, without the central bank's approval saw the counter witness sustained buying support. FII holding in Kopran had reportedly slipped below the 22 per cent trigger limit. The stock ended the day at Rs 47.50, up 3.26 per cent, with around 1.32 lakh shares traded on the BSE.

Deeptha Rajkumar

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