Financial Daily from THE HINDU group of publications
Tuesday, Dec 20, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 20, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Micro Technologies gains on new product
Dealers said the interest in the stock is due to the company's product, Vehicle Black Box, a security system for vehicles. It is said the product has received good response from domestic and international markets. The company is also expected to increase the capacity for the product from 5,000 to 15,000 units a month. The talk is that several carmakers are also planning to tie-up with the company as original equipment manufacturer. A leading broking firm, which is bullish on vehicle black box, has also come out with a `buy' report on the stock.
Rises on buying interest BHARTIYA International, an exporter of leather garments, is being accumulated by some market players. The interest in the stock is due to attractive valuation compared to other mid-cap and small-cap stocks in this category. Bhartiya International sells leather garments to various international retail chains and also supplies to leading brands globally. Dealers said the stock is trading at a price-earning multiple of around 7 times its 2006 earnings. Some players are said to be accumulating the stock in order to sell to institutional investors. Till now, there is hardly any investment by institutional investors. On Monday, the stock rose 9.73 per cent at Rs 83.45 on the BSE with a volume of 5,358 shares; on the NSE, it closed at Rs 84.55, up 10.31 per cent with volume of 61,337 shares.
Zooms on DBS backing CHOLAMANDALAM Investment and Finance Company was another major gainer on Monday. The stock rose 12.16 per cent at Rs 202.45 on the BSE with a volume of 1.58 lakh shares; on the NSE, it closed at Rs 202.65, up 13.02 per cent with a volume of 2.73 lakh shares. Dealers said the rise in the stock price came after a leading broking firm came out with a `buy' report on the stock. The main reason for the `buy' report is the strong backing of its parent, the Murugappa group, and recent stake taken by DBS Bank of Singapore. The firm expects strong growth from asset management and distribution business in which DBS Bank would play a big role. Moreover, the strength of the company in vehicle financing is also seen as positive for the stock.
Virendra Verma
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