Financial Daily from THE HINDU group of publications
Tuesday, Jul 13, 2004
Columns - Ear to the ground
Hoping on good show
IT major Infosys Technologies is expected to surprise the market with its first quarter financial results on Tuesday. If the market talk is to be believed, the company is expected to report net profits of Rs 380 crore to Rs 384 crore for the quarter ended June 2004. This would be higher than the March quarter net profit of Rs 335 crore.
Rise in profits of the company will be due to the gains made by the company due to the depreciation of rupee against the dollar. In the previous quarters, the company had suffered loss due to the appreciating rupee. Dealers said the management of Infosys is also likely to increase the EPS guidance for the remaining part of the financial year. The talk is that if this happens, the IT sector would again turn out to be the favourite of the market.
On Monday, the stock price of Infosys was down marginally by 0.46 per cent at Rs 1376.25 on the BSE with volume of 3.98 lakh shares; on the NSE, it closed at Rs 1376.15, down 0.46 per cent, with volume of 14.06 lakh shares.
Moves up on MF sale
AFTER witnessing continuous fall in the last couple of months, the counter of auto-ancillary company Amforge Industries is on the rise again.
On Monday, the scrip gained 4.81 per cent at Rs 76.20 on the BSE with volume of 70,364 shares. The market buzz is that the rise in the stock price is due to a leading mutual fund selling its holding. But now this fund has sold its desired quantity and the stock has gone in the hands of some leading market players. These players are bullish on the stock as the company has good order position for forgings and the current fiscal is likely to be a good year for the company.
In selling mode
SEVERAL market players are understood to be selling the shares of pharma company Divi's Laboratories. The fall in the stock price over the last few months is an indicator of this.
Dealers said several players, who were bullish on the counter, are slowly exiting the stock. Several employees are selling the shares and this is concerning the market. The talk is that growth prospects expected by these players may not be sustained. This view has arisen due to employees of Divi's selling the shares.
On Monday, the stock price of Divi's closed at Rs 1184.15, up 0.3 per cent, on the BSE with volume of 3,140 shares, and on the NSE, it closed 0.26 per cent down at Rs 1184.70, with volume of 11,343 shares.
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