The Hindu Business Line : ABB in limelight on funds support

SHARES of electrical equipment maker ABB have been in the limelight this week. The stock touched its 52-week high on Wednesday at Rs 1,292 and has appreciated by over 16 per cent in the last three days.

At the beginning of the month, the stock was ruling at Rs 994.75, and it closed on Wednesday at Rs 1,265.60.

Volumes were also substantially high in the last three days, though they peaked on Tuesday.

According to market talk, the increased attention is because of the overseas parent of the company is looking at the Indian arm to cater to its customers in various other markets. The company's order book is healthy and there is a lot of institutional investors' interest in the stock, according to brokers.

Foreign institutional investors have been buyers of the stock this week and market participants expect the counter to be active.

Counting on numbers

Expectations of a better result after several disappointing quarters have led to an increased interest in the stock of HLL. The company will announce its earnings for the year 2004 on Friday.

Analysts expect that the recent abatement of the price war between HLL and Procter & Gamble will also have a positive impact on HLL numbers. A foreign institutional buyer, however, has a `sell' on the scrip. Its forecasts expect a 2.2-per cent drop in revenues and a 30 per cent drop in profits.

The stock has been crawling up in the last few weeks and closed for trade on Wednesday at Rs 160.40.

Sails along on industry buzz

JOINING the party among the cement stocks is Andhra Cement. The stock has become a mid-cap find of the moment with a large section of the market closely tracking it. The stock touched its 52-week high of Rs 30.90 on Wednesday, before shedding a little to close at Rs 29.15.

There has been an overall increase in demand for cement and prices have been on the rise. The company is expected to increase its market share in the south Indian market. Cement stocks are expected to post good returns for the current quarter and the interest in the stock is attributed to this.

The stock has had a substantial run up in the last few days, rising by over 38 per cent from the beginning of the month.

A local broking house has circulated a research report on the company among its FII clientele and that has triggered interest in the copy.

Veena Venugopal

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