Financial Daily from THE HINDU group of publications
Tuesday, Sep 21, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 21, 2004 |
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Stock Markets Markets - Commentary Columns - Sensor PSU stocks shine in volatile session G. Madhan
SECONDARY markets witnessed volatile trading activity, as the benchmark Sensex moved within a band of 50 points before closing the day on a negative note. The 30-stock index fell 15.33 points (0.28 per cent). The Sensex opened firm at 5566.53 points, about five points higher than the previous day's closing. It remained volatile through the day as it reached the day's high of 5585.57 points in the morning session, and day's low of 5535.57 points during post-noon session. Profit-bookings during the last hour of trading saw the index to close at 5545.82 points. On the NSE, the 50-stock S&P CNX Nifty fell by 0.28 per cent to close at 1728.8 points. On the NSE, the trading volumes remained subdued at 30.16 crore shares, as against the previous Friday's volumes of 36 crore shares. On the BSE, barring the BSE-PSU and the Bankex, most of the indices lost ground. Of the total 2,168 stocks that were traded on the BSE, 978 appreciated in value, 1,116 lost ground and the rest remained unchanged. On the Sensex, 13 stocks advanced and the rest declined. The index heavyweights were a mixed bag on Monday. The stocks of Reliance Industries and Infosys Technologies registered a decline. The stocks of ITC and ICICI Bank, however, closed the day on a positive note. Other Sensex constituents that registered sharp declines include Grasim Industries (2.1 per cent), Maruti Udyog (2 per cent) and Wipro (2 per cent). PSUs surge: The stocks of several State-owned companies witnessed a firm trend. The stocks of Bharat Electronics (3.4 per cent), Chennai Petroleum (2.9 per cent), Engineers India (2.8 per cent) and HPCL (1.7 per cent) were among the gainers. Stock and news: Aztec Software announced that it is acquiring the Pune-based Disha Technologies, a software quality-testing firm, for $12.1 million ($9.6 million in cash, $2.5 million in stock). The stock appreciated by 12.2 per cent to Rs 52.45. Wockhart said it plans to raise funds to the tune of $100 million through foreign currency convertible bond. The stock was up 2.7 per cent to Rs 332.8. Samtel Color said that it has entered into an agreement with Thomson Tubes, France, to supply colour picture tubes (CPTs). According to the agreement, Samtel is to supply 1.5 lakh CPTs in 2004 and 7 lakh CPTs every year for the next three calendar years to Thompson. The stock appreciated 2.6 per cent to Rs 65.45. Varun Shipping is to issue 3.6 crore equity shares on rights basis at Rs 18 per share (premium of Rs 8 per share). The stock rose 3.4 per cent to Rs 25.9. Other stocks that witnessed sharp appreciation include Birla Ericsson (20 per cent), IFCI (15.8 per cent), Eimco Elecon (11.5 per cent), IFGL Refractories (9.9 per cent) and Ind-Swift Labs (8.3 per cent). Gujarat Borosil is to take up an expansion project for manufacturing float glass. The stock fell by three per cent to Rs 9.44. Rama Newsprint & Papers, after the close of the last week's trading announced that it has plans to restructure its debt. The stock fell by 4.2 per cent to Rs 11.37. Other stocks that declined sharply include Majestic Auto (6.9 per cent), TTK Prestige (6.4 per cent), Kalyani Forge (4.9 per cent), Indian Overseas Bank (3.6 per cent), Praj Industries (3 per cent) and s (2.7 per cent). Steel stocks such as SAIL, Tata Steel, Essar Steel and Jindal Vijayanagar continued to register robust trading volumes. Other stocks that recorded large trading volumes include JK Synthetic, Welspun Gujarat, India Acrylics, Satyam Computer, Tata Teleservices, State Bank of India and Arvind Mills.
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