Financial Daily from THE HINDU group of publications
Tuesday, Nov 29, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 29, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground TCS gains on foreign fund buying Jayanta Mallick
SOME FIIs, particularly new entrants to the local capital market, are attempting to include Tata Consultancy Services in their portfolio. TCS is relatively less owned by overseas investors. As of September 30, 2005, the combined holding of FIIs in the company was 6.94 per cent. The stock on Monday created its 52-week high at Rs 1,550 before closing at Rs 1,547.35, up around one per cent, with a traded quantity of 2.19 lakh shares on the BSE. The market is also expecting more overseas acquisitions by the company. In the last couple of months, the company announced two takeovers abroad - one in Chile and another in Australia.
Solvay Pharma down on promoter selling talk Did Solvay Pharma lose on Monday because one of the existing non-promoter investors sold the stock? Market grapevine has it that one such investor sold a few thousand shares. The stock on Monday closed down around 3 per cent at Rs 514.35 on the BSE. According to market sources, the generally illiquid stock had witnessed some increase in volumes. On the BSE, the counter had a traded volume of 31,909 shares against its fortnightly average of 5,876 shares. Three individuals hold between one per cent and 3.5 per cent stake in the company.
Hikal weak despite acquisition news
Hikal Ltd declined on the bourse on Monday even as it announced stake acquisition in a Chinese API and fine chemicals outfit. According to market sources, the news trickled in late in the day and hence could not influence trading on the stock. According to industry observers, the significance of the news rested not so much on stake acquisition, but the bonding with the Chinese company to secure sourcing of raw materials and intermediates for active pharmaceutical ingredients. According to a company source, Hikal has already been sourcing raw material for one of its APIs. Hikal's strategic investment will also pave the way for marketing its products in China. Hikal would be one of the four partners in the Chinese company. The stock closed at Rs 595, after touching the day's high of Rs 622. Meanwhile, the company said that it completed allotment of cumulative redeemable preference shares of Rs 47 crore at a conversion price of Rs 665.
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