Financial Daily from THE HINDU group of publications
Sunday, Apr 14, 2002
Markets - Commentary
IPCL moves up on divestment hopes
TATA Engineering: Tata Engineering's shares marched up successively this week as the company announced a 10 per cent rise in its domestic vehicle sales for the March quarter over the same period last year.
Even though the announcement came only at the end of the week, share prices remained upbeat through this period. Tata Engineering's shares closed at Rs 136.30, recording a gain of almost 7 per cent for the week.
Aurobindo Pharma: Aurobindo Pharma saw its shares steadily gain through the week on the bourses from Rs 230.95 to Rs 250.45 on Thursday. The reason for the interest could stem from the company's acquisition of an unlisted pharmaceutical company or more recently, the company securing the GMP certification from the Brazilian regulatory authority, ANVISA, for its formulations plant in Hyderabad. The counter gained over 7 per cent for this week to close at Rs 246.60.
Infosys: Infosys Technologies had a mixed day at the markets this week as investors seemed reluctant to take positions in the stock before it put out its results. However, once the numbers were out, the stock bounced back before dipping marginally on Friday. The numbers had a salutary effect on the stock and it gained over 7 per cent during the week to close at Rs 3,884.25.
I T C: ITC continued to shed market valuations on the bourses led by concerns that two State Governments may impose additional taxes on the company's tobacco products. This negative sentiment took its toll and the counter's stock lost almost 6 per cent over the week on Thursday. At this point, markets may have decided that valuations could now prove attractive and the counter witnessed a short uptrend on Friday.
However, ITC lost over 3 per cent this week to end at Rs 649.25.
I P C L: Indian Petrochemical Corp had a good week at the bourses propelled by disinvestment hopes. The excise department withdrew a Rs 600 crore excise claim on the company. Earlier, the Finance Ministry extended a guarantee cover on a $100 million IBRD loan that the company availed. These developments effectively clear the decks for privatisation and the market seems to be expectant on this count. Though share prices remained range-bound, the counter gained about 5.6 per cent to close the week at Rs 99.60.
G M D C: Gujarat Mineral Development Corporation gained this week on back of expectations that the State Government may hive off a part of its 74 per cent stake in the mining firm. As a result, the stock moved up on the back of heavy trading volume on the opening day of the trading week. Prices then fell from the week's high of Rs 98 though volumes continued to grow. However, GMDC ended the week at Rs 87.05 recording an overall appreciation of around 6.5 per cent.
Shyam Telecom: Shyam Telecom saw its market valuations spurt following reports that the US-based Global Asset Fund may invest about $15 million in its wholly-owned telecom subsidiary, Shyam International. Share prices closed successively upward on every trading day of the week. Prices grew over 26 per cent to close at Rs 68 this weekend with volumes spiralling to 8.5 lakh shares.
Ranbaxy Laboratories: This counter witnessed dampening share prices up to the middle of this week as the company had to wrestle with allegations of fraud in its UK operations. As a result, sentiment remained dour and the counter lost 2.5 per cent till the middle of the week. However, share prices then firmed and the company ended the week at Rs 879.25, with net gains of Rs 3.35.
Send this article to Friends by E-Mail
Stories in this Section
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line