Financial Daily from THE HINDU group of publications
Friday, Jul 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 23, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Reliance Ind firms up on global trend
THE counter of Reliance Industries was once again a major gainer among the index stocks. Stock price of the company gained 4.68 per cent at Rs 454.80 on the BSE with a volume of 49.16 lakh shares and on the NSE, it closed at Rs 454.90, up 4.74 per cent with a volume of 1.04 crore shares. Dealers said the rise was on talk that international prices of PVC and polymers were expected to go up. This is due to some disruption of production in South Korea and shutdown of some plants in Saudi Arabia. Talk is that with rise in international prices, domestic prices are also likely to go up and the major beneficiary of this would be Reliance Industries. PVC and polymers contribute around 20 per cent of the company's overall business.
Gains on active buying THE counter of State Bank of India (SBI) and Bharti Televentures witnessed active buying on Thursday. Talk is that the Government is likely to come out with some policy announcement on separation of FDI and FII investment limits in the banking and telecom sector. Currently, FDI and FIIs are clubbed together for deciding on the investment limit in these two sectors. Several market players are understood to have taken position in these counters on Thursday on expectation of some policy announcement soon. The stock price of SBI gained 5.06 per cent at Rs 463.25 on the BSE with a volume of 28.69 lakh shares; on the NSE, it closed at Rs 463, up 4.96 per cent with volume of 58.84 lakh shares. Bharti Televentures stock gained 4.77 per cent at Rs 164.65 on the BSE with a volume of 17.88 lakh shares and on the NSE, it closed at Rs 164.55, up 4.41 per cent with a volume of 53.59 lakh shares.
Yields ground on monsoon woes FERTILISER sector stocks are also affected by the monsoon. Dealers said there has been concern in the market over the demand of fertiliser in the current season due to the slow progress of the monsoon in various parts of the country. Talk is that most fertiliser companies would be affected by it. On these concerns there has been selling in several fertiliser companies, which include Chambal Fertilizer (down 2.81 per cent at Rs 20.75 on the BSE), Deepak Fertilizer (down 1.87 per cent at Rs 31.50), GSFC (down 0.61 per cent at Rs 56.60), Madras Fertilizer (down 2.74 per cent at Rs 13.50) and Nagarjuna Fertilizer (down 3.28 per cent at Rs 8.25).
Virendra Verma
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