Financial Daily from THE HINDU group of publications
Thursday, May 16, 2002
Financial Daily from THE HINDU group of publications Thursday, May 16, 2002 |
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Markets
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Stock Markets Siemens gains on good fundamentals Jayanta Mallick
KOLKATA, May 15 THE Siemens India stock is back in the activity zone, thanks to an improvement in the fundamentals and the recent announcement by its German parent, Siemens AG, that it plans to infuse $500 million into the Indian outfit. The company is also poised to enter the field of business processing outsourcing (call centre). The scrip hit the two-month high of around Rs 315 twice in May. The current upward move began on January 29 this year. "The stock price curve is clearly upward and occasional volume spurts indicate market sentiment turning favourable," said Mr Ajay Jaiswal of Lohia Securities. It may be mentioned that on February 14, 2001 the scrip had peaked to Rs 324.79. After that, the stock had a steady fall. On May 3, the scrip clocked record volumes of 1.40 lakh shares on the BSE. Against the net profit of Rs 68.72 crore recorded in the financial year ended on September 31, 2001, the net profit in the first two quarters of the current year stood at Rs 20.47 crore and Rs 25.16 crore respectively. "This is indicative of a turnaround. Moreover, the highly profitable BPO project if it goes through would bring additional revenue and improve the bottomline," Mr Jaiswal pointed out. The stock on Wednesday finished at Rs 297.90 on the NSE with a volume of 13,397 shares, while on the BSE it closed at Rs 297.60 with a volume of 5,500 shares. According to the market analysts, as the domestic infrastructure sector has started looking up, the company's prospect in the current year appear brighter than in the previous fiscal. The 12 divisions of the company are involved in infrastructure businesses such as energy, software, health care, communications, transport and lighting. The new investments, which are expected in the near future, will place the company in the forefront of the activity in the infrastructure sector, analysts say.
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