Financial Daily from THE HINDU group of publications
Wednesday, Jan 18, 2006
Financial Daily from THE HINDU group of publications Wednesday, Jan 18, 2006 |
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Markets
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Stock Markets Columns - Ear to the ground Polaris Software: Stake sale buzz sticks
THE buzz on stake sale in Polaris Software Laboratories stuck steadfast amid fluctuation and saved it from a sharp decline on Tuesday. Though the stock finished lower than Monday's closing price by Rs 2 on some profit-taking, dealers said there was buying too during the day on hopes that a foreign IT major may pick up substantial holding in the company. The stock closed at Rs 127.60 with a traded quantity of 1.02 lakh shares on the BSE, lower than the fortnightly average of 1.57 lakh shares. According to market sources, the resistance against oversupply was evident in the counter.
Biz expansion talk effect AEGIS Logistics could not hold on to the gains triggered by market talk that the company is moving ahead to acquire rights to set up tank and storage facilities at two ports on the western coast. This is in addition to the Adani facility at Mumbai port, which is in the process of being acquired by the company, the market sources said. The stock opened higher at Rs 285.25 on the BSE against Monday's close of Rs 281.70 and reached the day's peak at Rs 290. It closed at Rs 272.15 with a traded quantity of 45,930 shares against the two-week average of 43,467 shares on the exchange.
Granules India driven by new buy hopes MOVEMENT in Granules India was influenced by the market rumour that the company is trying to acquire a Chinese pharmaceutical company, presently in API exports to Europe. According to the dealers, the stock opened strong at Rs 118, against the previous close of Rs 116.95. It finished at Rs 113.15, after touching the day's high at Rs 119.30 on the BSE. The traded quantity in the counter on the exchange was 76,863 shares, one-third of the average indicating only a few were willing to sell.
South Indian Bank gains on profits hopes THANKS to good credit growth and provision reversal, analysts expect South Indian Bank to report very good profits for the first nine months of the current year. Back-of-the-envelope calculations indicate a net profit of not less than Rs 30 crore for the first three quarters of this year, thrice as much as in the same period last year. The bank has gone on record that because of robust recoveries of over Rs 103 crore during the period, provision reversal could be as much as Rs 25 crore. The company's board is meeting on Wednesday to announce Q3 numbers. On this expectation, the stock has gained close to eight per cent since the year beginning. However, the stock closed weak at Rs 70.55 against Monday's price of Rs 72.55 on the BSE after touching an intra-day high of Rs 74.5.
Jayanta Mallick
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