Financial Daily from THE HINDU group of publications
Friday, Oct 01, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 01, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Reprieve for auto stocks
FRONTLINE auto stocks like Tata Motors, Hero Honda, Bajaj Auto seemed to gain some of their lost sheen on the bourses today. Auto stocks had come in for some pressure in the last few trading sessions. Market sources maintain that FII support coupled with the perception that the September quarter numbers would be better than the previous quarter, has given auto stocks some reprieve. Then there is also the capital gains tax benefit, which should kick in from October 1. Given this backdrop, brokers expect that that prices would look up in the near term. However, in the long-term oil prices continue to be a concern, what with a World Bank report talking of the likelihood of oil prices ruling at the $50 levels for some time. Analysts are of the view that this would impact stock prices adversely. The stock of Hero Honda ended the day at Rs 447.90, up 2.64 per cent with round 3.2 lakh shares traded on the BSE. Tata Motors closed at Rs 403.35, up 2.04 with around 26.13 lakh shares traded while Bajaj Auto ended at Rs 1024.65, up 3.42 with around 1.64 lakh shares traded on the BSE.
Strides Arcolab buoyed by fund support THE stock of the manufacturer and exporters of pharmaceutical products, Strides Arcolab Ltd surged sharply today on account of sustained fund support. Touted as a turnaround story, it is reportedly building up on its global presence. While Zenith Pharmaceutical Ltd continued to be a seller at the counter having sold 2 lakh shares on the BSE and 1.77 lakh shares on the NSE, today, unconfirmed reports maintain that Templeton mopped up a huge quantum at this counter thereby providing a shot in the arm to the stock price. Meanwhile, Zenith Pharma informed the exchange that it has sold a total of 27.11 lakh shares comprising 8.03 per cent of Strides Arcolab's equity via the open market route between September 20-September 30. The stock of Strides ended at Rs 180.45, up 4.13 per cent with around 9.83 lakh shares traded on the BSE. On the NSE, the stock closed at Rs 180.75, up 1.69 per cent with around 17.56 lakh shares traded.
Opto Circuits gains on bull operator talk
THE stock of Opto Circuits India was trading at the upper circuit on the bourses today. Apart from reports of the company having bagged a huge order, there was also talk of a bull operator having taken a stake in the company. The stock closed at Rs 101.40, up 20 per cent with around 2.24 lakh shares traded on the BSE. On the NSE, the stock ended at Rs 100.20, up 20 per cent with around 1.67 lakh shares traded. The company manufactures optoelectronic components and assemblies with 75 per cent of the revenues coming from medical optoelectronics. Their main product is the oximeter, used in hospitals and operating theatres for sensing the oxygen level in the blood and pulse rate.
Deeptha Rajkumar
More Stories on : Stock Markets | Ear to the ground
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