Financial Daily from THE HINDU group of publications
Thursday, May 05, 2005
Financial Daily from THE HINDU group of publications Thursday, May 05, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Cummins bolstered by institutional buying
According to dealers, some 10 lakh shares changed hands on bourses at the fag end of the trading session. The stock price shot up and finished with a gain of 2.41 per cent on the BSE with a traded quantity exceeding six lakh shares. Market sources said that improving fundamentals and change in business strategy seems to be behind the fresh buying interest. According to sources, integration of different businesses in India and ramping up of the local outfit for the group's global outsourcing have been set on an accelerated mode.
Gulf Oil hovers around realty buzz DALAL Street rumour mill has it that Gulf Oil has planned to develop part of its huge real estate in Hyderabad. The land belonged to the ailing bulk drug unit, acquired by the company last year. The word going around was that a 100-acre software park project is on the drawing board. "It could be a booster, if it comes through, for the company's profitability. However, very limited liquidity in the counter prevents market makers from taking a call on the stock. For example, the company's entry into the Chinese market, announced late last month, did not have much impact on the stock movement", said a fund manager. Dealers said some players are on a quiet prowl. The counter declined by 2 per cent and volume was around 11,000 stocks on the BSE.
APAR Industries on radar of value-buyers APAR Industries is understood to be on the radar of a few big-time value-buyers. The stock moved up 4.67 per cent to close at Rs 121, without much of volume support. Market sources said the company, which has emerged amongst the top suppliers of aluminium conductors used in the power sector, may see better days on falling input costs such as for aluminium and crude oil (it has a transformer oil business division). "But, steadily improving order book position and growing exports have actually drawn attention of a section of investors. It would not be surprising if the stock doesn't buzz," said a dealer at an institutional broking firm.
Jayanta Mallick
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