The Hindu Business Line : Jolly ride for Eicher twins

So much so that the counter of Eicher Ltd was at circuit, ending the day at Rs 100.90 (BSE) and Rs 100.20 (NSE) amidst good volumes. Eicher Motors, on the other hand, ended 4.74 per cent higher

on the BSE at Rs 244.03 and 5.07 per cent higher on the NSE at Rs 245.35.

While the interest in Eicher Motors has been attributed to it being a stock where the valuation band is still quite attractive, the interest in Eicher Ltd is reportedly on account of its investment portfolio. Eicher Motors December numbers are also expected to be good. However, with regard to Eicher Ltd, there are rumblings in the market that is looking to move away from being viewed as merely a holding company for Eicher Motors.

There are rumours that the former may be scouting for new business opportunities.

Alloy steel stocks firm

The counters of alloy steel companies like Kalyani Steel, Mahindra Ugine (MUSCO), ISSAL etc continued to ride the steel wave of interest on the bourses.

Analysts maintain that these alloy steel companies are expected to report a massive jump in earnings in the third quarter and for the rest of the year.

Kalyani Steel, in particular, is expected to become a major player once it commences its coke oven batteries in February 2005.

Brokers also attribute the run up in these counters due to the user industries - automobile, engineering and capital goods - being on an upturn.

These industries are expected to show a double-digit growth over the next two years, say analysts. The counter of Kalyani Steel ended at Rs 107.45, up 8.04 per cent, on the BSE while ISSAL ended at Rs 23.80, up 9.93 per cent, and MUSCO at Rs 103.35, up 7.43 per cent, on the BSE.

Gains on retail interest

Another stock that is expected to piggyback on the retail interest in the market (a la Pantaloon, Trent) is that of Titan Industries.

While Titan ended almost flat on Tuesday, there is talk that the company's third quarter numbers should be good.

Analysts predict a `decent' topline growth which will propelled by a 40-per cent growth in jewellery and 12-13 per cent growth in the watches segment for the full year.

The stock ended at Rs 181.90 with around 85,846 shares traded on the NSE.

Deeptha Rajkumar

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