Financial Daily from THE HINDU group of publications
Thursday, May 06, 2004
Financial Daily from THE HINDU group of publications Thursday, May 06, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Neuland Shines on outlook
THE counter of the Hyderabad-based Neuland Laboratories gained on Wednesday on the back of good financial performance for the March quarter and good outlook for the current fiscal. Stock price of the company gained 4.20 per cent at Rs 162.35 on the BSE with volume of 7,735 shares. The buzz in the market is that the financial performance, as seen in the last fiscal, is likely to be maintained in the current fiscal also due to the good export order position. Dealers said the product pipeline of the company is full for the current fiscal. Analysts expect an EPS of around Rs 25 in the current fiscal. Moreover, the market is optimistic about the company as it has exports order from leading multinational pharma companies.
Piggybacks on sectoral prospects EVEN after reporting lower net profit in March quarter, the stock price of Arvind Mills is on the rise. Dealers said the market is bullish on the stock due to various factors. Among the reasons for the rise in the stock price is the good outlook for the textile sector as a whole as the quota system ceases from next year. Several FIIs are actively purchasing the stock as the company is globally competitive and is a supplier to various leading companies. On Wednesday, the stock gained 6.64 per cent at Rs 56.25 on the BSE with volume of 6.62 lakh shares; on the NSE, it closed at Rs 56.10, up 6.45 per cent, with volume of 19.87 lakh shares.
Block deals in HDFC THE counter of HDFC saw a huge block deal of 1.16 crore shares on the BSE, i.e., 10.73 per cent of the company's equity. The deal was struck at Rs 642 per share and the total value of the transaction was Rs 744.72 crore. The seller of the shares was Capital Research & Management Co. A/c Europacific Growth Fund and the buyer was Capital Research & Management Co. Capital World Growth & Income Fund Inc. Dealers said the deal was inter-scheme transfer for the FII and there was no major development relating to the stock. The stock price of the company gained 3.85 per cent at Rs 645.15 on the BSE with a total volume of 1.17 crore shares. On the NSE, it closed at Rs 646.75, up 4.36 per cent, with volume of 3.86 lakh shares.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
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