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Wednesday, Aug 18, 2004

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Sun Pharma shines on fund buying

THE counter of Sun Pharmaceuticals is attracting lot of market attention over the last few days. Dealers said several FIIs and domestic institutional investors have shown interest in the stock. The main reason for the interest is good valuation of the company compared to other pharma companies.

The buzz is that several FIIs are still interested in purchasing the shares of the company. Several broking houses have pending orders for purchasing shares of Sun Pharmaceuticals. On Tuesday, the company's stock price gained 5.87 per cent at Rs 420.20 on the BSE with volume of 1.83 lakh shares and on the NSE it was up 5.82 per cent at Rs 420.30 with volume of 5.43 lakh shares.

Gains on good prospects

AMONG the cement stocks, Raheja group company Prism Cement on Tuesday attracted lot of the buying interest. The stock price of the company gained 2.52 per cent at Rs 13.85 on the BSE with volume of 72.39 lakh shares and on the NSE it closed at Rs 13.80, up 2.22 per cent with volume of 1.04 crore shares.

Dealers said there is active interest in the stock due to the turnaround by the company in March quarter. Talks are that the current fiscal for the company is likely to be much better than the last year. Moreover, the company's main market is North India and in the next few months, the price of cement is likely to firm up and this would benefit the company.

Ticks on big buy order

THE counter of watch and jewellery company Titan Industries gained sharply on Tuesday. In fact, at one point, the stock was locked in the 20 per cent upper circuit. At close, the stock was up 15.66 per cent at Rs 134.05 on the BSE with volume of 8.19 lakh shares and on the NSE it closed at Rs 134.25, up 15.93 per cent at Rs 134.25 with volume of 9.11 lakh shares.

Dealers said the sharp rise was due to a leading market player, which already has a large holding in the company, placed a big buy order. The talk is that the new launches both in watch and jewellery business are likely to show good growth in the current fiscal and it reiterates the interest of this player in the stock.

Virendra Verma

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