The Hindu Business Line : Ripple effect buoys ABB

THE better-than-expected financial performance by ABB has helped buoy another electrical equipment and switchgear maker Alstom Ltd's stock to touch its 52-week high on Friday.

Dealers say the expectations from the company's results are that it would mirror the growth and revenue prospects of ABB.

Investors who want a share in the industry are happy to hoard the Alstom stock. The stock touched its 52-week high of Rs 162.70. Subsequently, the pessimism in market sentiment took its toll and Alstom ended trade at Rs 153.10, down Rs 3.40 from previous day's close.

Trading volumes have been skyrocketing in the past three sessions. The BSE has reported net turnover of Rs 25.8 crore on the counter.

TV 18 hits new high

The stock of TV18 rocked the bourses on Friday with various bits of information. Dealers say that Reliance has been a big buyer of the stock on Friday.

Further, there were also news reports that suggested that Mr Rajdeep Sardesai, Managing Editor at NDTV, is joining Mr Raghav Bahl of TV18 for their new venture. Reports suggest that this could be a general news channel.

The stock touched its year high at Rs 257.80 on Friday but closed the trade at Rs 245.65, up over 8 per cent over previous day's close on the BSE.

The stock has been rising steadily since the beginning of the month. Significant volumes were registered for the last two trading sessions. Overall, the stock has appreciated by 31.4 per cent since April 1.

Omax Auto driving downhill?

The stock of Omax Auto has been bearish with broking houses advising their clients to book profits. Several broking houses have suggested to the clients look for a re-entry in the stock later, as it is not showing any likelihood of peaking soon.

The stock lost 3.70 per cent on Friday on the BSE to close at Rs 96.40. It was trading around Rs 107 at the beginning of the month.

Dealers say there was some institutional interest earlier that was propping the stock up, but this does not hold true anymore.

Even though there is no panic selling on the counter, Omax Auto will be on a slip until some developments take place in the sector or the company, dealers say.

Veena Venugopal

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