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EVEREADY Industries was down on Friday on the back of disappointing results. The stock closed at Rs 87.70, down 0.74 per cent over the previous day's close. It had touched its 52-week high of Rs 111 on July 11.

Dealers say that the stock is running out of steam now, with investors being advised to book profits. The company declared a net profit of Rs 6.2 crore for the quarter ended June 2005. This was significantly lower than the previous quarter's profit of over Rs 23 crore.

Analysts are advising investors to adopt a wait-and-watch policy before committing fresh funds on the stock.

Volumes are also tapering off, as the stock witnessed a traded quantity of 85,702 shares on Friday against the two-week average volume of over one lakh shares.

Weakens on valuation concern

NOTWITHSTANDING the heavy oversubscription in the initial public offering of HT Media Ltd, media stocks are losing ground on the bourses.

Dealers say that the current perception is that several of these are over valued at current rates. Barring Mid-Day Multimedia, most media stocks have witnessed weakness in the last two days of trading.

NDTV and Television 18 closed in the red, while TV Today Networks rose marginally. TV 18 shed close to 1.5 per cent at Rs 334.50, shaving off Rs 4.85 from Thursday's close. TV Today touched an intra-day high of Rs 112 but closed at Rs. 108.70.

Welspun India up on expansion talk

WELSPUN India witnessed a smart rally on Friday. The stock, which opened trade at Rs 109, touched an intra-day high of Rs 120, before closing at Rs 118.50.

Dealers attribute this to expected business announcements by the company, in the areas of retail expansion.

Analysts say that large investors continue to have faith in the retail story and companies that are showing definite plans of improving retail presence are stock pickers' favourites now.

Volumes on the counter were also higher on Friday. The BSE reported a total turnover exceeding Rs 4.8 crore and the NSE over Rs 5.2 crore.

Veena Venugopal

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