The Hindu Business Line : Sterlite Industries betting on performance

STERLITE Industries shot up by 8.41 per cent (Rs 99.35) on Thursday to close at Rs 1,281.25 on the BSE. Dealers said Sterlite shares were much in demand, after the company's management held a meeting with fund managers earlier this week. The third quarter results of the company, scheduled for January 18, are also expected to be good, they said. The stocks were up 8.67 per cent on the NSE to end at Rs 1283.60, compared to Wednesday's closing rate of Rs 1181.15. The counter witnessed volumes of 1,22,642 shares on the BSE. On the NSE, over 3.92 lakh shares changed hands.

Analysts said the company's top line is expected to post robust growth in the third quarter due to the higher metal prices in the period, resulting in higher margins.

Up on realty deal

HINDUSTAN Motors rose 3.60 per cent on Thursday on market buzz that the company is likely to clinch a deal to sell its real estate in Kolkata for a hefty amount. The company officials were unavailable for confirmation.

The stock ended at Rs 37.45, compared to Wednesday's close of Rs 36.15 on the BSE. On the NSE, it closed higher by 3.31 per cent at Rs 37.40. The volume touched about 23 lakh shares on the BSE (compared to two-week average of 1.61 lakh shares). On the NSE, the counter witnessed trading volumes of 44.5 lakh shares.

Dealers said the news that the company will be launching its new product Lancer `Cedia', also kept the stock in demand. The Lancer `Cedia' is being manufactured in collaboration with Mitsubhishi Motor Corporation, Japan, at the company's Chennai car plant.

At upper ceiling on revamp talk

VIDEOCON Communications hit the upper circuit on Thursday at Rs 92.5, an increase of 19.97 per cent from Wednesday's close of Rs 77.10. This is an increase of Rs 15.40.

Market buzz is that the company will be made into a holding company of the group. Dealers said this would result in the oil and oil exploration business of the group merged into Videocon Communication. The Videocon Group had already merged Videocon International with Videocon Industries. The shareholders of Videocon International would soon receive shares of Videocon Industries.

The company officials could not be reached for confirmation. On the BSE, over 1.08 lakh shares were traded, compared to the two-week average of 19,532 shares. Videocon opened at Rs 74.5, before touching the upper circuit.

Rajesh Abraham

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