Financial Daily from THE HINDU group of publications
Wednesday, Nov 10, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 10, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Satyam gains on ADR proposal talk
AFTER the announcement of a sponsored American Depository Receipt (ADR) by Infosys Technologies, market talk is that Satyam Computer would take similar steps soon. Dealers said there was active buying in the shares of the company throughout the day due to this. However, company officials were not available for comments. Several foreign institutional investors (FIIs) are rumoured to have picked up shares of the software major. The active interest in the counter was seen from the rise in trading volumes both on the BSE and the NSE. Trading volumes on the BSE jumped from 13.22 lakh shares on Monday to 23.29 lakh shares on Tuesday. On the NSE, volumes jumped from 38.10 lakh shares to 78.12 lakh shares. The stock closed at Rs 399.75 on the BSE, up 2.47 per cent, and on the NSE, it closed at Rs 399.80, up 2.08 per cent.
Abhishek back on buy list
THE stock of textile company Abhishek Industries is back on the buy list of several market players. This was seen from the stock locking in the 10 per cent upper circuit limit on Tuesday. On the BSE, it closed at Rs 29.05 with a volume of 11.73 lakh shares; on the NSE, the stock closed at Rs 29.15 with volumes of 35.68 lakh shares. Dealers said the buying interest is due to the company's expansion of a new terry towel project, which is in the final stage of completion. The expansion of the towel unit has commenced trial runs on 72 air jet looms out of total 96 air jet looms, whereas the remaining looms are under erection and implementation. They will be fully operative by December 2004. Phase two of the expansion project comprising 60 air jet looms, will be operative by March 2005. The talk is that after the completion of this project, the financial results of the company in the next financial year would be very good. As it is already a preferred vendor to MNCs such as Wal-Mart and other retail stores in the US and Europe, selling additional units would not be a problem.
Torrent Cables up on order hopes TORRENT Cables, a manufacturer of electrical cables, is being accumulated by a section of market players on Tuesday.. The main reason for purchases in the counter is the good order position of cables from its various clients. Moreover, the valuation of Torrent Cables is attractive compared to other companies in the segment. On Tuesday, its stock price gained 7.31 per cent at Rs 69.75 on the BSE with a volume of 25,356 shares.
Virendra Verma
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