The Hindu Business Line : Surana Telecom gains on biz plans

THE counter of Surana Telecom gained on Wednesday. Stock price of the company was up 7.22 per cent at Rs 25.25 on the BSE with volumes of 14,769 shares. On the NSE, it was up 5.65 per cent at Rs 25.25 with volume of 27,436 shares.

Dealers said the interest in the counter came from a few market players due to change in the company's business. Earlier the company was mainly into manufacturing of optical fibre and jelly-filled cables, but now it focuses on assembling of CDMA phones.

Talk is that the company is assembling CDMA phones for companies such as LG, and these phones are being sold to BSNL.

Market players believe that the mobile market in India has great potential, and with the company being a supplier to BSNL, the outlook for the company looks bright.

Banks stocks in limelight again

BANK shares were back in the limelight on Wednesday with active interest from institutional investors. Dealers said active buying was seen in stocks such as SBI, Union Bank, Canara Bank, Corporation Bank, Oriental Bank. However, active interest was not seen in private sector banks.

There is talk that the Government may soon come out with an announcement in favour of public sector banks. However, most of the market players do not have any idea about the kind of announcement the Government could make.

The interest in banking sector stocks was also seen from the rise in the BSE Bankex Index by 1.09 per cent compared to a gain of 0.42 per cent in the BSE Sensex. In fact, Bankex was the major gainer among all the sectoral indices of the exchange.

TCS impact weakens

THE listing of Tata Consultancy Services (TCS) shares on Wednesday had a negative impact on technology stocks with most of them closing in negative territory.

The major selling was seen in leading software companies such as Infosys, Satyam and Wipro. Dealers said the selling was due to several major players in the market shifting from these stocks to TCS. These players were buying the shares of TCS, as they could not get the desired shares in IPO. Moreover, the introduction of futures and options in TCS also resulted in several players shifting their derivative positions in TCS from other IT stocks.

Virendra Verma

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