Financial Daily from THE HINDU group of publications
Thursday, Mar 10, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 10, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Following his foot step
MARKET players have turned bullish on construction and engineering companies and within this segment they are looking at McNally Bharat. Dealers said there is selective interest in this stock on the grounds that the company would show good growth in the next few quarters due to good order positions. The talk is that a leading investor, who is known for picking up shares mainly for the long-term, has entered the stock. The stocks picked by this investor give substantially higher returns - in the range of 300-400 per cent. Several market players who follow him are now picking the shares of the company. On Wednesday, the stock price of the company gained 5 per cent at Rs 53.75 on the BSE with volumes of 43,055 shares.
FII interest drives it up
Within mid- and small-cap space a new stock that is being picked by FIIs is Automotive Axles. Dealers said in the last few days, several FIIs have started buying the shares in small lots. The company is a major player in making automotive axles and with automobile sector charting upward move, it is expected to report strong growth in the next few quarters. There is also the buzz that FIIs are bullish on the stock as they see the stock is undervalued compared to other auto ancillary companies. On Wednesday, the stock gained 3.95 per cent at Rs 385.65 on the BSE with volumes of 1.37 lakh shares; on the NSE, it closed at Rs 387.15, up 4.86 per cent, with volumes of 72,035 shares.
Mid-caps hit as operators exit MID- and small-cap stocks eased on Wednesday after a 10-day upward movement. There was heavy selling in most of the counters in this segment. This was seen from the fall in mid-cap index of the NSE, which declined more than the Nifty. Similarly on the BSE, the broader indices fell more than the BSE Sensex. The main reason for the fall is that several big players offloaded their positions in anticipation to buy them back at lower rates. Moreover, they feel some selling is likely to happen in these counters from next week as high net worth individuals lighten their positions just before the end of financial year.
Virendra Verma
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