Hopes on numbers trigger interest in Thermax
Kochi: The share price of engineering major Thermax gained momentum on the bourses on hopes of impressive results and a huge dividend pay-out for the fiscal year 2002-03. A hefty order book has ensured that the company is looking at good growth prospects. Market sources said that with dividend being made tax-free (in the hands of the shareholders) there are hopes of a huge dividend pay-out by the company. "The company could announce a dividend in the range of 100-150 per cent ie Rs 10-15 per share," a broker said.
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Deccan Gold becomes first listed gold exploration co
New Delhi: India finally has a listed gold exploration company. Deccan Gold Mines Limited— formerly Wimper Trades Limited held by the Kanorias— has become the first listed gold exploration company in India with the renowned Australian gold miner, Charles Devenish, holding more than 80 per cent stake in it through Australian Indian Resources Company Limited which is controlled by him. The company was re-listed on the Bombay Stock Exchange (BSE) on Friday last week and already, there is a demand for its stocks. On Monday, the second day after listing, there were margin buy orders on the BSE, but no sellers.
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Mid-caps buoyant
Mumbai: Even as the benchmark stock indices - BSE Sensex and NSE's Nifty - are languishing close to 52-week low levels, mid-cap companies' stocks are witnessing increased investor participation. The investors, especially retail, were investing in the mid-cap companies mainly due to the attractive valuations along with good dividend yields, brokers and analysts said. Increased buying in the mid-cap stocks is seen from the rise in the mid-cap index of NSE and Junior Nifty since the beginning of this year. Even the BSE's broader indices such as BSE 100, BSE 200 and BSE 500 have fallen much lower than the BSE Sensex.
A comparison of various indices since January 2003 till May 13 shows that BSE Sensex has fallen by 12.66 per cent and NSE's S&P CNX Nifty by 14.19 per cent. In the same period, BSE 100 index is down by 10.23 per cent, BSE 200 by 8.42 per cent and BSE 500 is down 6.49 per cent. While on the NSE, Nifty Junior gained 2.7 per cent and CNX Mid Cap Index increased by 3.02 per cent. The highest fall in the BSE Sensex and NSE Nifty index is mainly due to fall in the prices of key stocks such as Infosys, Wipro, Satyam Computers, Hindustan Lever, Cipla and Hero Honda - in the range of 45-15 per cent.
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Ceat gains on outsourcing move
Kolkata: The stock of tyre company Ceat Ltd was in limelight on Tuesday with select buying interest. Dealers said the interest in the counter was mainly due to the company focussing on the outsourcing of tyres from various companies and selling under its own brand `Ceat'. This outsourcing is being planned both from local and international players. The talk is that the company is in negotiations with two leading international companies for passenger car tyre (radial) segment. New models contribute around 50 per cent of the total sales. The stock ended 8.67 per cent higher at Rs 31.95 on the BSE with a volume of 1.35 lakh shares and on the NSE it closed at Rs 31.90, up 8.69 per cent with a volume of 2.42 lakh shares.
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Rupee higher; gilts up
Mumbai: The rupee closed one paisa higher on Tuesday at 47.1600/1650 against the dollar, up from Monday's close of 47.1700/1750 in the forex market. Good supplies of the greenback were coming in today and there was some demand for it from oil companies and public sector units. The central bank was seen buying dollars at 47.1700/1750 levels, said a forex dealer in a public sector bank.
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Strong buying in heavyweights raises Sensex
Mumbai: After four consecutive trading days of downward movement, the benchmark BSE Sensex rose by 17.84 points on Tuesday. After opening on a strong note at 2,947.03, the Sensex continued to remain in positive territory throughout the day and touched a high of 2,964.96 points intraday. At the close of trading, Sensex was up by 0.61 per cent to 2,960.62 points. In BSE, gainers outnumbered losers 944 to 534. Among the Sensex constituents, 20 stocks gained while the remaining 10 declined.
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SBI near-month calls active
Mumbai: Volumes in the NSE derivative segment on Tuesday were rather dull with the number of contracts traded improving but the turnover was stagnant at Rs 1,835 crore against Monday's turnover of Rs 1,850 crore. Near month contracts of stocks such as Satyam, Infosys, Digital, SBI and Wipro were the actively traded counters. Digital's spot closed 3.19 per cent higher at Rs 526.60. However, open interest in the Digital future contract declined by 13.05 per cent. The contract closed at Rs 527.20 higher by 3.39 per cent from Monday's close of Rs 509.90.
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Auto ancillary scrips hit accelerator
Mumbai: Auto ancillary stocks have hit the accelerator buoyed by news of global automobile manufacturers increasingly sourcing auto components from domestic players. According to market watchers, major auto components stocks have appreciated by upwards of 35 per cent since the beginning of the current fiscal. According to a recent trend analysis conducted by the Automotive Components Manufacturers' Association (ACMA), production in the segment had increased by 15 per cent in the last fiscal, while exports grew by about 27 per cent. Production is further set to see an increase of about 25 per cent in the next six months, while exports are expected to go up by about 25 per cent in the period, the association says. Providing an even more optimistic outlook for the current fiscal, recent market reports have indicated that about 15 automotive multinational firms with purchasing offices in the country have set out a budget of more than $1.5 billion for outsourcing in 2003.
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