Financial Daily from THE HINDU group of publications
Tuesday, Dec 14, 2004
Financial Daily from THE HINDU group of publications Tuesday, Dec 14, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Bhartiya Intl in focus on bright prospects
THE counter of Bhartiya International, an exporter of leather garments, was in the limelight after a long time. Dealers said several market players have accumulated the shares of the company. This is due to the bright prospects for the company's leather products in the international market. Bhartiya International is a leading exporter of leather jackets and other leather products. It exports to leading international brands. The talk is that from next year export orders are likely to go up further. On Monday, the stock gained 12.9 per cent at Rs 59.90 on the BSE with a volume of 1.81 lakh shares; on the NSE, the stock closed at Rs 59.85, up 12.92 per cent, with a volume of 4.09 lakh shares.
Gains on uptrend in steel sector
TAKING cue from the uptrend in the steel sector, several market players have started buying shares of industrial oxygen maker BOC India. The company is a leading player in industrial oxygen and supplies oxygen to leading steel companies. Industrial oxygen is a key input for manufacturing steel. BOC India has already announced its plans for expansion and is setting up an oxygen plant for Jindal Vijaynagar Steel in South India. The talk is that over the next couple of years, the company is expected to show strong growth both in top-line and bottom-line due to good prospects for domestic steel sector. Several institutional investors are understood to have shown interest in the stock. Market talk is that they are buying in smaller quantities right now. On Monday, the stock gained 11.47 per cent at Rs 64.65 on the BSE with a volume of 9.39 lakh shares; on the NSE, it closed at Rs 64.75, up 11.54 per cent, with a volume of 19.16 lakh shares.
Mid-caps shine AFTER moving in a narrow range for a couple of weeks, mid-cap stocks were back in the limelight. This was seen from the sharp rise in the CNX Mid-cap Index, which gained 1.57 per cent, compared to a gain of 0.83 per cent for S&P CNX Nifty and 0.35 per cent for CNX Nifty Junior. Dealers said most of the market players have shifted their position in mid-cap stocks as most of the buying in frontline stocks by FIIs is over. Moreover, the positions in the derivatives market are also on the rise. The talk is that mid-cap companies that are expected to show good growth in the third quarters are witnessing increased interest.
Virendra Verma
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