Financial Daily from THE HINDU group of publications
Saturday, Jul 24, 2004
Financial Daily from THE HINDU group of publications Saturday, Jul 24, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Sailing along
AFTER excellent results by Tata Steel, market focus has now shifted on to SAIL. Dealers said the company is likely to report a strong first quarter results. Other than the strong financial results, the company is also likely to come under the dividend list by announce an interim dividend. The board of the company meets on July 30 for quarterly results. While the profit numbers of SAIL are still varied which range between Rs 1,000 crore to Rs 1,500 crore, market players are bullish on the stock. On these expectation, there is increased buying in the counter. On Friday, the stock gained 5.23 per cent at Rs 37.20 on the BSE with a volume of 1.97 crore shares; on the NSE, it closed at Rs 37.20, up 5.08 per cent with a volume of 6.29 crore shares.
Block deals in Kirloskar Ferrous ANOTHER stock to witness increased volumes on Friday was Kirloskar Ferrous. The rise in volume was along with a sharp rise in stock price. It gained 19.11 per cent at Rs 26.80 on the BSE with a volume of 61.01 lakh shares; the volumes constitute around 9 per cent of the company's equity. Of this, there was block deal of over 31 lakh shares. Reliance Mutual Fund bought these shares and HSBC Financial Services (Middle East); a FII, sold some portion (around 20 lakh) of these shares. On Thursday it sold over 10 lakh shares. Dealers said there has been increased interest in the stock on expectation of good financial performance in the current fiscal. In the fourth quarter, the company reported a net profit of around Rs 24 crore and for the full year, it was Rs 36 crore.
Virendra Verma
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