Financial Daily from THE HINDU group of publications
Thursday, May 09, 2002
Financial Daily from THE HINDU group of publications Thursday, May 09, 2002 |
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Markets
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Stock Markets Wheels India On a roll Our Bureau
KOLKATA, May 8 THE stock of TVS Group outfit, Wheels India, is on the move for the last two weeks. The scrip, which is listed on the National Stock Exchange, opened the day on higher note at Rs 89.80, but closed flat at around the previous day close of Rs 86. Wheels India's 52-week high is Rs 95. The Wheels India scrip has both crossed the 200-day and 50-day moving average of Rs 81 and Rs 71 respectively. Analysts, however, feel it is unlikely to breach the resistance level at around Rs 92. Brokers say the current uptrend is for value play in the auto ancillary sector. The company produces automobile wheels. It started the upward journey from the level of Rs 68 since April 17. On April 30, it recorded its highest volumes in 52 weeks of 9,000 shares. "Traditionally, the scrip never attracted heavy volumes. In fact, it is a very thinly traded counter. On August 30, 1999 the scrip had touched an all-time high of Rs 300 and some time in 1997, the scrip had achieved a record volume of 19,000 shares," a NSE broker said. The limited floating stock is said to be the reason for restricted volumes in the scrip. The company has a paid-up equity of Rs 9.87 crore. It made a net profit of Rs 10.07 crore (Rs 10.37 crore) on a turnover of Rs 332.69 crore (Rs 324.69 crore) in 2001-2002.
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