Financial Daily from THE HINDU group of publications
Friday, Feb 13, 2004
Columns - Ear to the ground
Looking for contracts
THE stock market grapevine had it on Thursday that Hindustan Motors has offered its manufacturing capacity to five foreign automobile makers.
According to a source, the company has offered to assemble vehicles for the foreign firms, which include Volkswagen, Proton of Malaysia, BMW and General Motors, with which it already has a component supply agreement.
The Hindustan Motors stock rose 1.37 per cent to close at Rs 14.80 per share. While about 4.2 lakh shares were traded on the BSE, more than 8.6 lakh shares changed hands on the NSE.
THE stock of leading two-wheeler maker Hero Honda Ltd was attracting many buyers on Wednesday not only on hopes of the company performing well but also on rumours of rewarding its shareholders with a bonus issue.
Institutional investors, including foreign ones, were seen actively buying the stock. Hero Honda shares rose more than 4.5 per cent to end the day at Rs 505 apiece. Trading volume on the BSE rose to 8.23 lakh shares and that on the NSE swelled to 21.36 lakh shares.
SHARES of technology leader Infosys crashed after a couple of large investors sold from their stock. One institutional investor is reported to have sold about two lakh shares of the Bangalore company.
Infosys shares lost about 2.1 per cent to close at Rs 5,354.05 with nearly 4.7 lakh shares traded on the BSE. More than 9.2 lakh shares changed hands on the NSE.
A LARGE Mumbai broker has been recommending the stock of Ahmedabad-based denim maker Arvind Mills Ltd to clients. The company, one of largest producers of denim in the world, is focussing on directly selling its products to European consumers.
Arvind is also expected to be one of the biggest beneficiaries when textile quotas are dismantled next year. The stock closed nearly 6 per cent higher at Rs 50 apiece on Wednesday. Combined trading volume on the BSE and NSE stood at 25 lakh shares.
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