Financial Daily from THE HINDU group of publications
Thursday, Aug 05, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 05, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground HLL at a new low
THE counter of FMCG major HLL came under heavy selling on Wednesday. The company stock price touched a new seven-year low. The stock closed at Rs 113, down 4.84 per cent, on the BSE, with a volume of 16.04 lakh shares; on the NSE, it closed at Rs 113, down 4.88 per cent, with a volume of 44.13 lakh. Dealers said the stock was down after a leading foreign broking firm recommended its clients to sell the stock. The firm has put a fair value of the stock at Rs 95 based on discounted cash flow. Talks are that several broking houses are bearish on the stock and further selling is possible in the next few weeks.
Bata up on number hopes SHARES of shoe major Bata are again being accumulated by a section of the market. If market talk is to be believed, the company is expected to come out with good numbers this fiscal, largely due to various initiatives undertaken. Dealers said institutional investors have shown interest over the last few days. However, whether institutions bought shares in the last few days is not known. There is also the possibility of the company taking more initiatives such as tie-ups with other known apparel and shoe brands. On Wednesday, the stock gained 6.95 per cent at Rs 63.05 on the BSE, with a volume of 5.55 lakh shares, and on the NSE, it closed at Rs 63.10, up 6.95 per cent, with a volume of 10 lakh shares.
Forging ahead on order buzz THE counter of Reliance Industrial and Infrastructure saw a sharp rise in volume along with a rise in the stock price on Wednesday. Dealers said interest in the stock came over talks that the company might get orders within the group. These orders are on expectation for the exploration of gas-related activity and other activities within the group. A section of the market is believed to have bought the shares on Wednesday on these expectations. The stock price of the company gained 9.99 per cent at Rs 61.10 on the BSE, with a volume of 23,954 shares; on the NSE, it closed at Rs 61.50, up 10 per cent, with a volume of 23,035 shares.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
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