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Tuesday, Feb 26, 2002

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Titan maintains uptick

Virendra Verma

Titan Industries has been rising in the last one month and has posted a smart gain of around 58 per cent. On Monday too, the stock registered a sharp gain of 18.71 per cent on the BSE to close at Rs 54.50. On the NSE, the stock gained 17.55 per cent to finish at Rs 54.25. Volumes were also higher with over 13 lakh shares (BSE and NSE combined) changing hands. There were various rumours floating in the market about the company. Market grapevine has it that the Tatas are planning to exit from the venture. In addition, there was also talk that the company's jewellery business (Tanishq) might be hived-off into a separate company. The markets also expect a sharp gain for the company after the recent rise in gold prices, as it holds a good stock of the yellow metal.

Hotel stocks gain on Budget hopes

AFTER a long time, hotel stocks were in demand. The rise was on hopes of some sops for the sector in the forthcoming Budget. The sector, which has been hit after the September 11 attacks on the US, is likely to get some boost through some fiscal concession measures such as reduction in the luxury tax and other taxes imposed on the hospitality industry.

Dealers said a number of domestic institutions were seen buying shares of leading hotel companies on expectations of Budget sops. Among them included India Hotels (up 6.77 per cent at Rs 167.95), EIH (up two per cent at Rs 209), ITC Hotels (up 1.1 per cent at Rs 47.5), Asian Hotels (up 5.9 per cent). Even, select second-rung hotel stocks gained.

ABB up on parent's support

ABB was in the limelight on the back of increased institutional buying. In the last few months, the stock has been on the buying list of most fund managers. On Monday, the stock ended 8.5 per cent higher at Rs 288 on the BSE and 7.41 per cent higher at Rs 286 on the NSE. The increased institutional buying was on expectations of privatisation of some of the state electricity boards in the coming Budget. Besides, ABB parent's plan to make India a major hub for outsourcing power equipment has also triggered an interest in the stock.

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