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Sunday, Oct 20, 2002

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Grasim's open offer propels L&T up 9.7 pc

G. Madhan

LARSEN & Toubro: The stock price of the cement Major went up this week by 9.7 per cent to end at Rs 188. The run up has to be seen in the backdrop of Grasim Industries Ltd's open offer to pick up another 20 per cent stake in L&T at Rs 190 per share. Grasim, which held 14.48 per cent stake in L & T, recently said that it has crossed the 15 per cent threshold leading to the open offer.

Infosys Technologies: The stock price of the software major was up for the second week in a row. The stock went up by 2.2 per cent to end at Rs 3,844. The stronger-than-expected revenue growth in the quarter ending September and the favourable guidance for the forthcoming quarter appears to help the rally in the stock.

VisualSoft: Despite a 23.72 per cent jump in the revenues and 72.48 per cent increase in the net profit over the corresponding quarter last year, VisualSoft went down this week by 3.5 per cent to end at Rs 202. VisualSoft recorded a total revenue of Rs 30.92 crore with a net profit of Rs 8.07 crore for the quarter ended September 30, 2002 against a total income of Rs 24.99 crore and a net profit of Rs 4.68 crore for the corresponding quarter last year.

Hexaware Technologies: The stock price of the Software Company, Hexaware, spiralled down this week by 6.4 per cent to end at Rs 91. In the quarter ending September, Hexaware reported a net profit of Rs 2.34 crore on a turnover of Rs 25.16 crore.

MTNL: The stock price of the Mahanagar Telephone Nigam Ltd spiralled down this week by 7.5 per cent to end at Rs 102. The lingering concern over the possibility of the merger of MTNL with unlisted Bharat Sanchar Nigam Ltd (BSNL) appears to have pushed the former's stock to a new low. A research report prepared by a prominent institutional investor suggested that such a merger would not be in the interests of MTNL shareholders.

Cipla: The stock price of the pharma major, Cipla, plummeted this week by 10.9 per cent to end at Rs 868. Cipla took an enormous beating in the past week following the US court decision on Omeprazole going in favour of the patent holder.

Ranbaxy Labs: The stock price of Ranbaxy labs, went down by 2.7 per cent this week to end at Rs 554. In the quarter ending September, Ranbaxy registered a 49 per cent growth in the sales and 79 per cent growth in the net profit compared to that of corresponding quarter last year. The company clocked a sales turnover of Rs 804 crore in the quarter as against Rs 538 crore in the corresponding period last year. The stock, which settled ex-bonus on the first of October, has remained volatile since then. It is still trading at a level below the adjusted cum-bonus price.

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