Financial Daily from THE HINDU group of publications
Sunday, Dec 01, 2002
Financial Daily from THE HINDU group of publications Sunday, Dec 01, 2002 |
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Investment World
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Stock Markets Markets - Commentary Growth in car sales jacks up Tata Engg G. Madhan
Grasim Industries (Rs 287): The stock price of the cement major went down by 5.3 per cent this week. The stock has been witnessing downward trend ever since the controversy erupted following the SEBI's objection to the company's open offer to acquire 20 per cent stake in L&T. This week Securities Appellate Tribunal (SAT) upheld SEBI's contention. SEBI had earlier appealed to SAT that Grasim Industries should not be allowed to continue with its open offer for L&T. SEBI has also directed the company not to acquire further shares of L&T in any manner until further advice. NIIT (Rs 166): The stock price of the software and education firm, NIIT, went up by 13.1 per cent. The stock has been witnessing upward movement ever since its remote business process management services subsidiary, Smartserve bagged a $10-million BPO contract from a UK-based company. Siemens (Rs 280): The stock price of the engineering major, Siemens, went up this week by 11.3 per cent. The company has announced that it is considering a proposal to buy back its equity shares from the market. The company's board is meeting on December 4 to conisder the details of the proposal. This move, perhaps is a prelude for delisting of the company from the Indian stock market. Tata Engineering (Rs 169): The stock price of the automobile manufacturer was up this week by 4.7 per cent on expectations that the company might post good financial results in the third quarter. This is on the back of robust growth in commercial vehicles and passenger car sales in the first half of the current fiscal. The company is expected to launch a new `Sedan' model soon. State Bank of India (Rs 263): The stock price of the Government-owned State Bank of India went up this week by 5.9 per cent. This has to be viewed in the context of buying frenzy witnessed by the banking stocks ever since the Lok Sabha passed the Securitisation Bill last week. Neyveli Lignite (Rs 22): The stock price of the state-owned Neyveli Lignite, went up by 12.4 per cent this week. Reports that the company is on the fast track to divestment and strong fundamentals appear to have contributed to the buying interest in this stock. Nicholas Piramal (Rs 239): The stock price of the pharma major, Nicholas Pirmal, went up by 7.1 per cent this week. This week Nicholas Piramal has announced that its Board of Directors has approved the merger of Global Bulk Drugs & Fine Chemicals (GBDFC) with NPIL. The merger will be effective January 01, 2003 and is being effected at a cost of Rs 52 crore (exclusive of Net Current Assets of Rs 16 crore). Top Gainers & Losers The top 5 gainers of the week are Danlaw Technologies, Hindustan Composites, Pan Packaging Industries, Financial Technologies and DsQ Software. The top 5 losers are Vaibhav Gems, Baffin Engineering, Ratnajyot Metcast, Coral Laboratories and Porritts & Spencer.
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