• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

THE stock of the shipping company, Mercator Lines, hit a 52-week high on the bourses in an otherwise weak market.

Brokers said that the stock, which was trading at circuit, ended the day 10 per cent higher at Rs 489.10 with around 1.5 lakh shares traded on the BSE. Market sources maintained that the fact that VLCC spot rates touched an all-time high had aided in the counter's momentum. Industry sources confirmed the price rise and said that this has added to the general optimism pervading the shipping sector.

VLCC spot rates have appreciated from around $59,260 per day as on September 20 to $76,614 per day as on September 27, which is an all-time high. Dealers said that an FII hedge fund was actively supporting the counter.

Driven by stake sale

ANOTHER stock that strengthened on Tuesday in a volatile market was that of Tata Honeywell. The counter hit a 52-week high, ending at Rs 468.05, up 7.83 per cent, with around 8,072 shares traded on the BSE.

Brokers said the interest is a run up to the Tata - Honeywell split which is in the offing. Honeywell Asia Pacific had agreed in July 2004 to purchase the entire equity shareholding of the Indian promoters (40.62 per cent) at Rs 350 per share. When contacted, company officials said the split should come into effect by the first week of October. The company's strong order book is said to be an additional incentive.

Revs up on alliance talk

EVEN as frontline auto stocks such as Tata Motors, Bajaj Auto, Hero Honda ended in negative territory today, the stock of Kinetic Motors ruled firm. Unconfirmed rumours that the company is scouting for an ally continued to sustain interest at this counter.

While the market grapevine was abuzz with talk of a leading scooter company looking at reviving its alliance with the company, analysts said that such an alliance was not logical given that the two companies have competing products.

Kinetic Motors ended the day at Rs 42.55, up 2.04 per cent with around 1.27 lakh shares traded on the BSE. On the NSE, the stock ended at Rs 42.75, up almost one per cent, with around 1.72 lakh shares traded.

Deeptha Rajkumar

More Stories on : Stock Markets | Ear to the ground

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
ING Vysya MF unveils Valuepac

Copyright © 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line