Auto, housing finance ride on bank rate cut
Kochi: The share price of select auto majors and housing finance companies surged ahead on the back of a cut in bank rate by the RBI on Tuesday. According to the market grapevine, stocks where financing plays a key role such as the counters of Bajaj Auto, Hero Honda, TVS Motors, HDFC and LIC Housing Finance witnessed sustained interest in the market on Tuesday. HDFC touched an intra-day high of Rs 326 before ending the day at Rs 329.45, up 5.69 per cent on the BSE with around 1.95 lakh shares traded. On the NSE, the stock closed at Rs 325, up 3.34 per cent with around 3.16 lakh shares traded. LIC Housing Finance ended the day firm at Rs 80.05 on the BSE while on the NSE, it closed at Rs 80.25
Back to News Review index page  

Today's Writing up on partner hopes
Mumbai: The stock of Today's Writing Products has been moving up sharply in the last two weeks, from Rs 11 to Rs 28. There was active buying in the counter on Tuesday and the stock closed at Rs 28.20, up 9.94 per cent with a volume of 1.28 lakh shares on the BSE. On the NSE, the stock closed at Rs 27.95, up seven per cent with a volume of 82,925 shares. Dealers said market participants expect the positive impact of the Korean multinational Mon Ami Company, which had taken 14.97 per cent stake in the company, would be visible in the next few quarters. At the time of acquiring, plans were to introduce pens and other writing instruments using the Mon Ami technology. The impact of this is likely to be seen now, dealers said.
Back to News Review index page  

Bank stocks lose steam on profit booking
Mumbai: The strategy of `buy on rumour, sell on news' seemed to have worked quiet well as far as trading in banking stocks was concerned today as Dr Bimal Jalan gave the market half of what it expected yesterday, i.e., a Bank Rate cut but not such luck with the repo rate.Banking counters, which witnessed a race northward on the bourses yesterday, declined on selling pressures today... most a victim of `profit booking', said analysts.Among the top losers on the BSE were Bank of Baroda (BoB), down 6.31 per cent at Rs 28.70; Andhra Bank, down 5.90 per cent at Rs 28.70; IDBI Bank, down 3.87 per cent at Rs 23.60; Punjab National Bank (PNB), down 3.14 per cent at Rs 114.10; and Canara Bank, down 2.85 per cent at Rs 85.30.
Back to News Review index page  

Improved Q1 perks up Ranbaxy Labs
Kolkata: The Ranbaxy Laboratories stock today shot up more than three per cent on the announcement of final dividend and rise in the company's net profit in first quarter to March 31, 2003. The Q1 result, which was announced today, showed around 77 per cent rise in the net profit. The stock closed at Rs 673.10 (Rs 651.35) on the Bombay Stock Exchange with a volume of 5.96 lakh shares. On the National Stock Exchange, the traded quantity in the counter was 15.05 lakh shares. The company's board proposed a final dividend of Rs 10 per share. An interim dividend of Rs 5 was paid in September for the year ended on December 31, 2002.
Back to News Review index page  

SBI remains active
Mumbai: Trading remained lacklustre at the derivative segments on the NSE on Tuesday with turnover improving marginally to about Rs 1,880 crore from Monday's Rs 1,809 crore. Nifty futures: While the May ended the day at 930.30, in discount to the Nifty spot close of 930.35, the June and the July futures closed the day in premium at 931.30 and 934.35 respectively. Open interest positions in May futures, which have seen a steady build-up since the expiry of April contracts, stood at 17,976 contracts. Open interest in June futures improved over 10 per cent to 1960 contracts.
Back to News Review index page