Financial Daily from THE HINDU group of publications
Thursday, Feb 09, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 09, 2006 |
|
|
|
|
|
|
|
Markets
-
Stock Markets Columns - Ear to the ground Ripple effect from Down Under
SHARE prices of leading steel makers Steel Authority of India (SAIL) and Tata Steel witnessed selling pressure on Wednesday, after Australia's largest steel producer BlueScope Steel, issued profit warning that excess Chinese production was flooding markets in Asia-Pacific with cheaper steel, dealers said. SAIL's stock declined 2.17 per cent to Rs 56.4 on the BSE, compared to Tuesday's close of Rs 57.65; over 16.17 lakh shares were traded on the BSE. On the NSE, the SAIL stock closed lower by 2.64 per cent at Rs 56.15; over 65 lakh shares changed hands. Another steel maker Jindal Iron & Steel also saw its share prices coming down on Wednesday. The counter was down by 1.18 per cent at Rs 427.4, compared to Tuesday's close of Rs 432.50.
Gains on fund buying CUMMINS India touched 52-week high of Rs 229.90 on Wednesday on buying interest from domestic and foreign funds, dealers said. They said a brokerage firm also has come out with a `buy' recommendation on the company. The share price closed higher by 7.56 per cent on the BSE at Rs 227.75, compared to the previous close of Rs 211.75. About 18.07 lakh shares were traded on the exchange, as against the two-week average of 14.28 lakh shares. On the NSE, it closed higher by 7.39 per cent at Rs 227.50, with 48.89 lakh shares changing hands. Cummins India, which manufactures a variety of engines (60- 2700 HP) for a range of applications including power generation, construction & mining, compressors, locomotives etc. is the Indian subsidiary of Cummins Inc, the world's largest designer and manufacturer of diesel engines ranging from 55 to 3,500 horsepower.
Rajesh Abraham
More Stories on : Stock Markets | Steel | Ear to the ground
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|