Financial Daily from THE HINDU group of publications
Sunday, Dec 01, 2002

Investment World
Port Info

Group Sites

Investment World - Stock Markets
Markets - Commentary

Growth in car sales jacks up Tata Engg

G. Madhan

Grasim Industries (Rs 287): The stock price of the cement major went down by 5.3 per cent this week. The stock has been witnessing downward trend ever since the controversy erupted following the SEBI's objection to the company's open offer to acquire 20 per cent stake in L&T. This week Securities Appellate Tribunal (SAT) upheld SEBI's contention. SEBI had earlier appealed to SAT that Grasim Industries should not be allowed to continue with its open offer for L&T. SEBI has also directed the company not to acquire further shares of L&T in any manner until further advice.

NIIT (Rs 166): The stock price of the software and education firm, NIIT, went up by 13.1 per cent. The stock has been witnessing upward movement ever since its remote business process management services subsidiary, Smartserve bagged a $10-million BPO contract from a UK-based company.

Siemens (Rs 280): The stock price of the engineering major, Siemens, went up this week by 11.3 per cent. The company has announced that it is considering a proposal to buy back its equity shares from the market. The company's board is meeting on December 4 to conisder the details of the proposal. This move, perhaps is a prelude for delisting of the company from the Indian stock market.

Tata Engineering (Rs 169): The stock price of the automobile manufacturer was up this week by 4.7 per cent on expectations that the company might post good financial results in the third quarter. This is on the back of robust growth in commercial vehicles and passenger car sales in the first half of the current fiscal. The company is expected to launch a new `Sedan' model soon.

State Bank of India (Rs 263): The stock price of the Government-owned State Bank of India went up this week by 5.9 per cent. This has to be viewed in the context of buying frenzy witnessed by the banking stocks ever since the Lok Sabha passed the Securitisation Bill last week.

Neyveli Lignite (Rs 22): The stock price of the state-owned Neyveli Lignite, went up by 12.4 per cent this week. Reports that the company is on the fast track to divestment and strong fundamentals appear to have contributed to the buying interest in this stock.

Nicholas Piramal (Rs 239): The stock price of the pharma major, Nicholas Pirmal, went up by 7.1 per cent this week. This week Nicholas Piramal has announced that its Board of Directors has approved the merger of Global Bulk Drugs & Fine Chemicals (GBDFC) with NPIL. The merger will be effective January 01, 2003 and is being effected at a cost of Rs 52 crore (exclusive of Net Current Assets of Rs 16 crore).

Top Gainers & Losers

The top 5 gainers of the week are Danlaw Technologies, Hindustan Composites, Pan Packaging Industries, Financial Technologies and DsQ Software. The top 5 losers are Vaibhav Gems, Baffin Engineering, Ratnajyot Metcast, Coral Laboratories and Porritts & Spencer.

Send this article to Friends by E-Mail
Comment on this article to

Stories in this Section
BSL open offer: Accept

No demat account closing charge
What is loss aversion?
`Overseas markets will account for 30% turnover in 2 years'
Pharmaceuticals — Health is not necessarily wealth
Generics and contra-indications
Charge your mobile
Taj-Delta SkyMiles
Concessional air fares too go up
More flying options
Automobile industry: Vrooming ahead
How many funds make one diversified?
Three is good company

It's returns that count
A question of choice
L'affaire Grasim-L&T: Losers all
Growing reserves and uncertainty
Grasim's missed calculations
The Alliance'95 Fund: Sell
G-Sec funds: SEBI's new checks and balances
Zurich India Capital Builder Fund: Switch
Franklin India Infotech Fund: Sell
Alliance Frontline Equity: Hold
Towards regulated selling
Wipro: Cut exposure
Gujarat Ambuja: Pare Exposures
Goodlass Nerolac: Hold/Buy on declines
Escorts: Hold
West Coast Paper: Hold
Tata Chemicals: Buy
Term assurance policy: A plain cover
Computation of bonuses
HLL may seek higher levels
Short-term uptrend in Tata Tea
Nasdaq: Downward correction likely
Growth in car sales jacks up Tata Engg
Bonds carry downward bias
Positive week for HPCL
Contract size and corporate actions
Options guide
Futures guide
HDFC: Well-covered
Bharat Overseas Bank's floating rate scheme
Capital gains tax — Time limits for saving tax
Exemption on sale of house
HSBC Income Plan: Unattractive
HSBC Equity Fund: Unattractive
It Adds Up!

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line