Business Daily from THE HINDU group of publications
Tuesday, Sep 26, 2006
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Business Daily from THE HINDU group of publications Tuesday, Sep 26, 2006 ePaper |
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Markets - Commentary Columns - Sensor Sowmya Sundar
Pointers Among 3 new listings, 2 stocks end below offer price Auto-ancillary stocks witnessed buying interest
The markets showed some weakness even as mid caps and small caps managed to withhold. The rally over the last few months have been to a large extent witnessed in large caps and now mid and small caps too are catching up. Even as the Sensex slid 0.51 per cent, the BSE small cap index closed on a flat note and the mid-cap index lost marginally (0.18 per cent). Banks, metals and oil and gas showed some strength while IT and FMCG stocks lost ground.
IPO action
Atlanta, Deep Industries and Kew Industries made their debut in the markets today. Atlanta closed at a premium of 28 per cent to its offer price of Rs 150 per share, both Deep and Kew closed below the offer price. Kew closed at Rs 23.3 against the issue price of Rs 30. Deep closed at Rs 27.9 against the issue price of Rs 36.
Sector-specific action
Auto ancillary stocks showed some traction for the day. The huge investments announced by auto majors earlier could have propped interest in counters such as Omax Autos and Sono Koyo Steering. Auto majors have announced investments worth Rs 11,000 crore over the past nine months and much of it would be for the small car segment. Stocks of brokerage houses too were on fire. Indiabulls has shot up over 25 per cent over the last couple of weeks but remained subdued for the day. India Infoline and Geojit Financial Services shot up over five per cent for the day. These stocks could have moved up on the improving sentiment in the market.
Stock-specific action
Sterling Biotech, one of the biggest losers on Friday shot up by 18 per cent during the day. The stock suffered on Friday on rumors that Amaranth - a US hedge fund that made losses after betting on natural gas- had exposure to the stock through participatory notes. The stock recovered and gained 18 per cent for the day countering the overreaction. Deccan Aviation was up 4.9 per cent for the day. The stock was bashed last week after it declared that its losses have widened for the June 2006 quarter. HFCL stock gained on news that it has received its first license for 3G phone technology from Qualcomm. This will allow HFCL to participate in the 3G CDMA market. The Indian wireless market has grown 10 fold in less than five years. ICSA spurred five per cent after the company announced that it has received orders for Rs 67.5 crore from Central Power Distribution Company. Educomp Solutions too gained five per cent on news that it received an order for computer education from UP.
Sizzling stocks
Rama Newsprint hit the upper circuit filter on Monday too. The stock has been hitting the upper circuit filter for the past few trading sessions. The company is expected to report better earnings numbers for the current year. Tupil IT Services, Nucleus Software, AIA Engineering, Shetron, Tips Industries, Dolphin offshore, Tinplate Co, Unity Infraprojects, Siyaram Silk Mills, Mohit Industries, AIA Engineering were some of the sizzling stocks. These stocks gained over 10 per cent and volumes too were substantial in these stocks. Hindustan Construction, Unitech, Everest Kanto, Bank of Rajasthan, Alembic, Indo Rama Synthetics and Savita Chemicals are few other stocks that rocked.
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