Ear to the ground
Block deals in HDFC Bank
HDFC Bank on Tuesday witnessed block deals both on the BSE and the NSE. A number of such deals on the BSE were higher with the total traded volumes on the counter being 16.83 lakh shares. On the NSE, the volumes were 2.18 lakh shares. The share price of
the bank was up marginally at Rs 228.05 and Rs 229 on the BSE and the NSE respectively. Even though, the seller was not identified, but it is understood that a large shareholder in the company was exiting. The buyer was a Foreign Institutional Investor,
dealers said.
Impact
Indian Rayon/Grasim: At ease
THE clear indication the Aditya Birla would not be in the running for Dabhol Power Plant could set at rest concerns about a possible burden on the group companies.
Sandvik Asia: A non-event
THE proposal to consider the merger with two sister concerns may not have any effect on the valuation of the Sandvik Asia stock in the near term.
Mutual Funds
Jardine Fleming to come out with 2 new schemes
AFTER years of silence, Jardine Fleming Mutual Fund is coming out of hibernation. It has sought SEBIs clearance for a growth and a liquid scheme. The draft offer documents are now with the regulator.
On the hedge
Bearish outlook for L&T, ACC?
TRADING in the derivatives segment on the National Stock Exchange saw decent volumes in the single-stock options segment. The following are some of the pointers from the days trading:
Stocks
MphasiS BFL rises on fund backing
THE stock of MphasiS BFL Software, a software and systems integration technology provider, is on an upward move having appreciated by 150 per cent since October on the back of increased institutional buying.
Britannia seen stable despite buyback closure
DAIRY and bakery major Britannia Industries announced the closure of its share buy-back offer today after the firm mopped up its target of 10 lakh equity shares or 3.6 per cent equity stake of the capital. The firm, which initiated its buy-back offer on
September 10, had fixed the price at Rs 750 per share and had set a time limit till July 27, 2002 to complete the buy-back. With the buy-back, the promoter, Mr Nusli Wadias stake has gone up to 45 per cent.
BSE investors' guide programme thru Zee Tele
THE Bombay Stock Exchange signed an agreement with Zee Telefilms Ltd to increase investor awareness through a television series. The series would be telecast on the educational channel Zed TV.
Pharma, cement stocks up; techs languish
A temporary bout of rationality seems to have caught up with the fervent rally in the markets in the past few days. The Sensex has surged 28 per cent since the September 11 attacks, much of it fuelled by the tech rally in the past few weeks. On Tuesday,
however, investors lost their fancy for tech stocks and lodged their faith instead in defensive counters such as pharma and cement.
Technical Analysis
Bears make a comeback
BEARS were able to make a comeback after a span of three trading days. Early hours of the days trading was dominated by the bulls. Later on, the bears came back strongly to wipe out the gains made by the bulls. However, the market sentiment reading of th
e tradable counters remains bullish.
