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TEXTILE company Pioneer Embroideries gained on Tuesday ahead of the company's stock going ex-bonus. The company has announced 1:2 bonus shares and has fixed October 17 as the record day. Dealers said the rise in the stock price is due to buying by investors who want bonus shares. Several players buy shares ahead of the bonus shares allotment.

The factor for the interest in the stock is the expectation of good growth so that the company will be able to show higher EPS in the next fiscal even after the bonus issue.

It is undertaking an expansion of dope dyeing yarn project in Himachal Pradesh for in house requirement.

On Tuesday, the stock rose 7.53 per cent at Rs 164.20 on the BSE with volumes of 1.02 lakh shares.

Futures turn active

EVEN though there has been no rise in the freight rate, there seems to be some active interest in Shipping Corporation of India.

On Tuesday, the stock rose 5.71 per cent at Rs 164.70 on the BSE with volumes of 5.80 lakh shares; on the NSE, it closed at Rs 164.70, up 5.41 per cent, with volumes of 17.88 lakh shares. But the more interesting development was in the October futures contract where almost 65 lakh shares were traded and the open interest jumped 15 per cent. Dealers are not aware of the exact development in the company, but most of them were surprised with the huge volumes seen in the futures contract.

Shines ahead of festive season

AUTO stocks, especially two-wheelers, continue to see buying interest. The stocks that are being bought include Bajaj Auto, Hero Honda, TVS Motors, Mahindra & Mahindra and Tata Motors.

Dealers said the interest in these stocks is due to the festive season. The October-December quarter for most of the auto companies is good due to the increased sales across the country.

The talk is that most of the companies' profits margins would be sustained in the September quarter and the current quarter could surprise the market players and analysts.

Virendra Verma

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