Financial Daily from THE HINDU group of publications
Tuesday, Sep 20, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 20, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Sterlite Industries gains on firm metal prices
Dealers said the rise in the stock price was due to firm prices of non-ferrous metals. The talk is that several FIIs, which are bullish on the metals, are buying shares of the company. Dealers said the firm price of the metal is despite the lack of demand from China and this is seen as positive for companies such as Sterlite. The stock is considered cheap compared to its peers such as Hindalco and Nalco among the institutional investors.
Retail foray bodes well LIBERTY Shoes has been on an upward rise for the past one month. The stock has more than doubled during this period, and in the last one week, it was up 26 per cent. On Monday, it closed at Rs 583, up 5 per cent, with volumes of 2,563 shares; on the NSE, it closed at Rs 582.45, up 5 per cent, with volumes of 5,373 shares. Dealers said the rise is due to the company's entering into retail sector for selling shoes through a joint venture with Pantaloon Retail. The company has also set-up a separate company Liberty White Ware for sanitary ware. On these developments, a leading investor has already bought large quantity of shares from the market. The sharp rise in the stock price is also due to this buying. The talk is that following the venture with Pantaloon Retail, the players are looking at the valuation of Liberty Shoes as more of retail stock than a manufacturing company. Stocks of most of the retail stocks are trading at more than 50 times their earnings.
Surges on iron ore price hopes SESA Goa, an iron ore company, moved up sharply on Monday. It rose 20.74 per cent at Rs 1,044.85 on the BSE with volumes of 28.04 lakh shares; on the NSE, it closed at Rs 1,049.05, up 21.47 per cent, with volumes of 63.55 lakh shares. The spurt in stock price came on talk that BHP, an Australian company, said in an analyst conference that the iron ore prices are likely to rise by 10 per cent. In September, most of the rates are fixed for next year exports.
Virendra Verma
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