Financial Daily from THE HINDU group of publications
Friday, Jun 17, 2005
Financial Daily from THE HINDU group of publications Friday, Jun 17, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Buying on advance tax payment
THE counter of Tata Steel witnessed a lot of buying interest on Thursday. Dealers said the interest in the counter came on market talk of advance tax paid by the company. The company is understood to have paid tax of around Rs 265 crore. Dealers said this shows that Tata Steel would be able to show good profits in the June quarter also. Earlier, there was concern in the market over the sustainability of profits due to reduction in steel prices by the industry. On Thursday, the stock closed almost flat. On the BSE, it closed at Rs 338.20 with volumes of 13.68 lakh shares; on the NSE, it closed at Rs 339.45 with volumes of 36.51 lakh shares.
Orders give green signals KALINDEE Rail Nirman, a company into business of railway signals, remained firm despite heavy selling in mid-cap and small-cap companies. Dealers said there is buying interest in the stock on market talk that the company is getting lot of orders for railway signals from Indian Railways. Dealers said several institutional investors are also buying the stock of the company on huge growth prospects. The talk is that in the next few quarters, the company is likely to show huge growth in terms of topline and bottomline. On Thursday, the stock closed at Rs 87.20, up 9.82 per cent with volumes of 11.27 lakh shares.
Mid, small-caps plunge AFTER remaining firm for many days, mid- and small-cap stocks came under heavy selling on Thursday. The heavy sell-off in this category of stocks was seen from the biggest loss registered by mid-cap and small-cap indices of the BSE. While the mid-cap index was down 1.26 per cent, the small-cap index fell 2.07 per cent. In comparison, BSE Sensex declined by only 0.10 per cent. Dealers said the sell-off was mainly due to profit-taking, as most of the players were sitting on huge profits from these stocks. Another factor for the sell-off was that several market players shifted their positions to large-cap stocks, as there is active buying in them especially from FIIs. There is also shift in some positions in stocks of Reliance group of companies in the wake of settlement between the Ambani brothers soon.
Virendra Verma
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