Financial Daily from THE HINDU group of publications
Tuesday, Apr 19, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 19, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Tata Iron and Steel decline on slowdown talk
Tata Iron and Steel counter today declined by 3.29 per cent on the NSE with a traded quantity of over 48.77 lakh shares as a big investor reportedly turned negative on the counter. According to dealers, the influential investor with a large following is understood to be on a selling mode. The steel major, which is largely insulated from global fall in steel prices, saw substantial unloading on the formal reason that commodity demand may slip in the near future. The apprehension that was aired on the Dalal Street was that Tata Steel, which made its presence in China through an acquisition in Singapore, might face the slowdown in demand in that country.
Nirma down on lack of buying
Nirma Ltd counter, which have been going up on the back of a concentrated purchases reportedly by Reliance Mutual Fund, declined on Monday after the fund completed it pre-scheduled target. According to market sources, as soon as the word went around that the fund has stopped buying, the price started to decline during the session. The stock finished 2.26 per cent lower at Rs 364 after touching a day's high at Rs 378.
Hope of promoters' buying lift it The Vesuvius India counter was a buzz with unconfirmed news that the promoters may increase their stake and would eventually delist the company. The counter finished the session with gain of around one per cent with a total traded quantity of 1.59 lakh shares. The company's plan to expand capacity has been keeping the counter hot for the past one week.
Jayanta Mallick
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