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Friday, Aug 11, 2006

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Rains drive down some stocks

The stock markets on Thursday gave the thumbs down to stocks such as ONGC, Reliance, ABG Shipyard and IPCL that have announced the shutting down of their plants in Gujarat either partially or fully due to floods. ONGC has declared force majeure on naphtha delivery from Hazira. In this bakdrop, these stocks witnessed selling pressure. However, brokers said that this was a temporary phenomenon and that these stocks will bounce back. It may be recalled that companies in Gujarat have faced calamities such as cyclones and earthquakes in the past. On Thursday, ABG Shipyard closed at Rs 255.5, 2.29 per cent down, Reliance at Rs 980 (0.65 per cent), ONGC at Rs 1,189.85 by (1.16 per cent) and IPCL at Rs 262.75 (0.83 per cent).

K.S. Badri Narayanan

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