Financial Daily from THE HINDU group of publications
Saturday, Dec 11, 2004
Financial Daily from THE HINDU group of publications Saturday, Dec 11, 2004 |
|
|
|
|
|
Markets
-
Stock Markets Columns - Ear to the ground BHEL bright on order book position
THE public sector engineering company Bharat Heavy Electricals Ltd (BHEL) stock gained on Friday when there was selling in most of the index stocks. BHEL is part of the BSE Sensex and the NSE Nifty. Dealers said there is active interest in the counter by leading institutional investors. This is due to the huge order book position by the company. There are also talks that new tenders from various power companies are coming and BHEL is likely to be a successful bidder. Moreover, compared with BHEL, ABB's, which is also in the similar line of business, P/E ratio is much higher than the former. The view in the market is that this difference should not be there and several broking firms are advising their clients to buy BHEL over ABB. On Friday, the stock gained 2.02 per cent at Rs 680 with volumes of 3.39 lakh shares on the BSE; on the NSE, it closed at Rs 684.10, up 3.07 per cent, with volumes of 8.57 lakh shares.
Back in buy list Another company from the power sector that has attracted market interest is Ahmedabad Electricity. Dealers said select market players have accumulated the stock of the power utility company. The talk is that the company, which is into power distribution in Ahmedabad, has been doing well but the market players have ignored the stock. But things are now changing, as a leading player is understood to have built a huge position in the stock on expectation of strong performance. On Friday, the stock price of the company gained 9.37 per cent at Rs 124.85 on the BSE with volumes of 1.82 lakh shares; on the NSE, it closed at Rs 125, up 9.51 per cent, with volumes of 3.39 lakh shares.
Active buying seen THE Hyderabad-based Transgene Biotek's stock has been on the rise over the last few days. Dealers said the interest in the stock has started after one of the promoters sold around 10 per cent stake in the company to a leading market player. Even though the stock still trades in the Z category on the BSE, the player is very bullish on the company due to bright prospects. The company is into biotechnology business. However, a large number of players are pessimistic on the company's outlook as the stock still trades in the Z category. On Friday, the stock of Transgene Biotek was locked in 2 per cent upper circuit. It closed at Rs 150.60 on the BSE with volumes of 1.25 lakh shares.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
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
|