Financial Daily from THE HINDU group of publications
Saturday, Jan 07, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 07, 2006 |
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Markets
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Stock Markets Columns - Ear to the ground Mysore Cement gains on CDR hopes
Dealers said the interest in the stock is due to the buzz that the company's corporate debt restructuring is at final stages of approval. After the restructuring, the financial position of the company would improve. The allotment of shares on preferential basis to some investors at Rs 27.35 was also seen as positive. Dealers said the allotment of these shares was a step ahead of financial institutions clearing the restructuring. Company officials were not available for comments.
Voltas up on strong order position VOLTAS, an engineering company, counter was thronged by several institutional investors Dealers said the buying was due to the strong order book position it had for various projects within and outside the country. There was talk of the company expecting a lot of orders from West Asia. The company's air-conditioning business has been doing well and it was likely to grow further due to the construction of various commercial buildings in India. The hike in FII limit to 30 per cent from 24 per cent was also an indicator of foreign investor interest at the counter. On Friday, the stock rose 9.86 per cent at Rs 688 on the BSE with volumes of 2.63 lakh shares; on the NSE, it rose 10.1 per cent at Rs 686.75, with volumes of 6.13 lakh shares.
Concern over Q3 result drags Titan TITAN Industries, a watch and jewellery company, witnessed some selling pressure on Friday. The stock was down 3.6 per cent at Rs 767.20 on the BSE with volumes of 14.59 lakh shares. On the NSE, it closed at Rs 767.25, down 3.79 per cent, with volumes of 31.94 lakh shares. Dealers said the fall in stock price was due to concern on third quarter results. According to market talk, analysts' expectations were high but actual performance may fall short. Another reason for the fall in stock price was that the open interest in Titan's derivatives contract has crossed 95 per cent and several traders have been selling the contracts. The derivative contracts are currently in the ban period on the NSE.
Virendra Verma
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