Financial Daily from THE HINDU group of publications
Sunday, Dec 08, 2002
Financial Daily from THE HINDU group of publications Sunday, Dec 08, 2002 |
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Investment World
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Stock Markets Markets - Commentary Oil PSUs perk up on positive divestment climate G. Madhan
HPCL (Rs 275): The stock price of the state-owned oil refinery major, Hindustan Petroleum, went up this week by 24.9 per cent. This follows the favourable decision taken on the disinvestment issue, at an informal meeting of the Cabinet Committee on Disinvestment presided over by the Prime Minister, downplaying the differences of the past. However, it is not clear whether the meeting took up the issue only of the strategic sale of the oil sector companies or it considered a review of the entire process of public sector disinvestments. BPCL (Rs 216 ): The stock price of this PSU stock also went up this week by 13.2 per cent on account of favourable disinvestment climate. TVS Motors (Rs 504): The stock price of the two-wheeler major, TVS Motors, went up this week by 5.1 per cent. This has to be viewed in the context of increase in the sales of its commuter segment bikes (75 to 125 cc) by 69 per cent, in the month ending November 2002, compared with that of same period the previous year. Ranbaxy Labs (Rs 543): The increase in the stock price of pharma major, Ranbaxy Labs, this week by 1.2 per cent has to be seen in the light of the approval it obtained from the US Food and Drug Administration to sell a version of the antibiotic amoxicillin in the US. The company has been allowed to sell 200mg and 400mg doses of an oral suspension, or the dry powder version of the drug, which is a generic version of the UK-based GlaxoSmithKline Plc's Amoxil. Eicher Motors (Rs 84): The stock price of the commercial vehicle manufacturer, Eicher Motors, went down this week by 5.1 per cent, despite registering a 38 per cent growth in domestic sales of its commercial vehicles in November over the corresponding month last year. Wipro (Rs 1,600): The stock price of the software major, Wipro went down this week by 5.1 per cent. This has to be viewed on the context of media reports that the company might issue more American Depository Receipts (ADRs) to fund its acquisitions. Colgate Palmolive (Rs 137): The stock price of the consumer good manufacturer Colgate Palmolive went up this week by 5.4 per cent. This has to be seen in light of market rumours that the company's parent might make an open offer for increasing its stake. Thermax (Rs 142): The stock price of the engineering major, Thermax, went up this week by 14.3 per cent on expectations of good financial results for the second half of the current fiscal. Market rumours also has it that one of the company's order with Shree Cement will enhance its top line further. Top gainers and losers The top 5 gainers of the week are Konark Synthetic, Shantivijay Jewels, Ramco Systems, Onward Technologies and Man Industries. The top 5 losers this week are Amtek Auto, Sadhana Nitro Chem, Oasis Media, National Flask Industries and Landmark Leisure.
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