Financial Daily from THE HINDU group of publications
Saturday, Dec 28, 2002
Financial Daily from THE HINDU group of publications Saturday, Dec 28, 2002 |
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Markets
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Stock Markets Columns - Ear to the ground Bharat Forge at year high Virendra Verma
AS the third quarter comes to end, select market players have started accumulating shares of auto-ancillary company Bharat Forge. The accumulation led the stock to touch a new 52-week high of Rs 199.50 on the stock exchanges on Friday. Dealers said for the current quarter (October-December 2002), the company's results are expected to be very impressive, judged by its export performance. Exports have been the key driver in improving its revenues and profitability of late. In addition, there are talks of acquisition by the company in the US. A leading player with large holdings in Bharat Forge is adding more shares to its portfolio based on these developments. On Friday, after touching new 52-week high, the stock closed at Rs 197.50 on the BSE, up 4.06 per cent, with volumes of 88,667 shares. On the NSE, the stock closed at Rs 198.30, up 4.34 per cent, with volumes of 1.61 lakh shares.
Tetley rejig helps Tata Tea THERE was some accumulation in the Tata Tea counter. Dealers said that the restructuring of Tetley operations were expected to bear fruits to the company. Tata Tea is a major shareholder in the British tea company. In addition, there were talks that Tetley has got big order from Australia for tea bags. Number of broking houses over the last one-month have come out with positive reports on the company. Some of the fund managers that have turned bearish on the FMCG sector are bullish on the Tata Tea counter on these developments. On Friday, Tata Tea stock gained 2.80 per cent higher at Rs 174.20, with volumes of 1.96 lakh shares on the BSE. On the NSE, the stock closed at Rs 174.25, up 2.68 per cent, with volumes of 4.68 lakh shares.
Nelco rises on fresh defence order
THE stock price of Tata group company, Nelco, spurted sharply on Friday. The sharp rise in the stock price was attributed to the company bagging another big order for earth-sensing equipment from the Ministry of Defence. In past too, the stock was in the limelight on order talks. Dealers said there were buying from operators and some high net worth individuals. Nelco stock ended 16.81 per cent higher at Rs 34.05 on the BSE with volumes of 5.64 lakh shares. On the NSE it closed at Rs 34, up 17.04 per cent with volumes of 7.13 lakh shares.
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