Financial Daily from THE HINDU group of publications
Thursday, Jun 17, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 17, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Mid-cap IT stocks back in favour
AFTER being down over the last few weeks, the stock of IT services company MphasiS BFL gained sharply on Wednesday. The stock price of the company gained 4.26 per cent at Rs 244.3 on the BSE with volume of 36,772 shares and on the NSE it gained 6.02 per cent at Rs 246.55 on NSE with volume of 42,490 shares. Dealers said the rise in the stock price was mainly due to a leading domestic broking firm turning bullish on mid-cap IT stocks including MphasiS. The talk is that this broking firm is bullish on the stock and have started advising its clients to buy the shares of the company. The main reason is that MphasiS, the earliest entrant into the BPO segment in India, is the only listed company in its category with a significant share of revenues from its BPO services.
Cheer for tea stocks THE stocks of tea companies are back on the buy list of several market players. If the market talk is to be believed, the price of all varieties of tea is increasing over the last few months and most of the tea companies are likely to report good financial performance for June quarter and for the entire financial year. Among the stocks that were bought on Wednesday were Harissons Malayalam (up 10.13 per cent at Rs 29.45), Jayshree Tea (up 7.62 per cent at Rs 67.45). Other stocks that were bought included Assam Company, AFT Industries.
Shipping stock on buy list AFTER being hammered down, the stock of Great Eastern Shipping is back on buy list of select institutional investors. The buying is mainly due to the outlook of shipping industries looking good in the current fiscal. Dealers said the various ships bought by the company in the last six months is likely to add to the profits in the current fiscal. Moreover, the stock is looking attractive to various high net worth individuals for dividend yield purpose. On Wednesday, the stock of the company gained 3.37 per cent at Rs 122.80 on the BSE with volume of 5.61 lakh shares and on the NSE, it closed at Rs 122.85, up 3.50 per cent, with volume of 10.80 lakh shares.
Virendra Verma
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