Financial Daily from THE HINDU group of publications
Wednesday, Sep 01, 2004
Financial Daily from THE HINDU group of publications Wednesday, Sep 01, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Divergent trend at bourses
SRF Ltd on Tuesday witnessed increased volatility on the NSE. However, the stock's movement on the BSE was normal. Dealers said the stock, which saw a low of Rs 37.10 and a high of Rs 49.10, witnessed sudden movement around 12.30 PM. They said, from around Rs 48, it suddenly dipped to Rs 37.10 and around 50,000 shares were traded at that time. Talk is that the stock price was deliberately pushed down though the exact motive behind that was not known. Dealers said interest in the counter has emerged following company's starting commercial production of pharmaceuticals chemicals. Talk is that this segment is expected to show good growth in the next few years. At close, the SRF stock gained 5.77 per cent at Rs 48.60 on the NSE with volumes of 10.35 lakh shares; on the BSE, it closed at Rs 48.60, up 5.77 per cent, with volumes of 4.93 lakh shares.
Turn of fortune THE ING Vysya Bank stock gained after a long time. On Tuesday, the stock was up 6.31 per cent at Rs 290.75 on the BSE with volumes of 54,043 shares; on the NSE, it closed at Rs 291.65, up 6.44 per cent, with volumes of 56,032 shares. Stock price of ING Vysya is on downward move in the last few months. Dealers said the fall in the stock price was due to several factors. One of the key factors is the RBI note saying that foreign holding in banks has to be reduced. Another factor was that a leading market player, who held a large chunk of the bank's shares, had turned seller. Since his selling was over, fresh buying has led the stock to recover.
Harvesting on fundamentals
THE stock price of VST Tillers and Tractors was up sharply along with rise in trading volumes. It closed at Rs 61.75, up 8.91 per cent, with volumes of 1.04 lakh shares on the BSE. Dealers said there has been select interest in the stock following strong fundamentals of the company. The stock is trading at lower price-earning ratio compared to other tractors companies such as Mahindra & Mahindra and Escorts. The revival of monsoon in various parts of the country and interest back in auto stocks have also helped the stock in gaining.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
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