Dr Reddy's grants stock options to employees
Hyderabad: The Hyderabad-based pharmaceutical major, Dr Reddy's Laboratories Ltd, listed on the New York Stock Exchange (NYSE), has granted 3,69,300 stock options to its employees through a circular resolution of the Compensation Committee of the Board of Directors passed here on Tuesday. In a communiqué to stock exchanges, the company said the shares covered by such options were 3,69,300. These options were granted at a price of Rs 883 per option. They may be exercised in a phased manner after a vesting period of 12 months but before completion of five years from the date of vesting, the stock exchanges were informed.
Back to News Review index page  

Shasun Chem touches 52-week high
Kochi: Heavy operator interest at the Shasun Chemicals counters saw the share hit a 52-week high at Rs 142.50 on the BSE during mid-afternoon trades. Market sources said that the stock gained momentum following reports that the company was close to an equity deal with CDC Capital Partners to raise Rs 50 crore. Operators were said to be accumulating shares at this counter on the back of news reports that the company will fetch a valuation of Rs 250 crore based on a notional equity price of Rs 250 per share. This is near 100 per cent premium to its current price of Rs 132-odd and current market cap of Rs 110 crore.
Back to News Review index page  

HLL rebound props up Sensex
Mumbai: A bounce-back in index heavyweight HLL pepped up the BSE index. The action in banking, auto ancillary and other engineering stocks continued on Wednesday too. The market sentiment appeared upbeat as stocks across sectors such as textiles, banking, FMCG, technology and consumer durables rallied. The BSE Sensex rose 1.13 per cent to 2993.94 points supported by a 4.5 per cent rise in HLL and 1.85 per cent jump in Reliance. Other Sensex stocks such as SBI, TISCO and Ranbaxy too were upbeat.
Back to News Review index page  

Textile stocks gain on Budget sops, WTO
Mumbai: After banking and auto-ancillary sectors, stocks of textile sector are being eyed by the market players following the various fiscal incentives provided by the Government in the Union Budget 2003-04 and also the removal of quota system under the WTO regime from 2005. In the last two trading days, stocks of both big and small textiles companies have gained sharply and market analysts are bullish on the outlook of the textile sector. Some of the stocks that have caught the market attention include Arvind Mills, Bombay Dyeing, Raymond Ltd, Vardhman Spinning and Weaving Mills, Rajasthan Spinning and Weaving Mills, Alok Industries and GTN Textiles. There are other textiles companies stocks that have been rising.
Back to News Review index page  

Nalco plans IPO in Sept, strategic sale delinked
New Delhi: The proposed sale by the government of 10 per cent of Nalco’s equity could hit the market as early as September. The government is all set to delink the public issue of Nalco shares from the strategic sale, still mired in controversy, and get on with the proposed sale of shares in the domestic market and through an ADR placement. The domestic offering of the 10 per cent of the aluminium PSU’s equity could be made in September and ADRs for another 20 per cent could be issued in November. Both issues would take the book-building route, with the current market price with a small float and small volumes of trading offering no real indication of the share’s realistic price. The scrip closed today at Rs 89.5 on the National Stock Exchange.
Back to News Review index page  

Order talk lifts Hexaware
Mumbai: The counter of software services company Hexaware Technologies witnessed hectic activity on the bourses on Wednesday. According to analysts, the Hexaware stock gained steam amid speculations that the company had bagged three to four orders in the past two weeks. These orders include projects from clients such as Citibank (USA), Axa and IBM as well as a project from a domestic company, analysts added. Dealers said that the talk of the company's strong order-book position spurred buying from local fund houses in the early morning trade itself, which continued through the day. As a result, the share price of Hexaware Technologies gained 6.40 per cent on the BSE, closing at Rs 108.95 with a trading volume of 19.40 lakh shares. On the NSE, the stock rose 6.35 per cent to close at Rs 108.80 with 43.51 lakh shares being traded.
Back to News Review index page  

Re up; gilts range-bound
Mumbai: The rupee ended still higher on Wednesday at 47.1450/1500 against the dollar, up from Tuesday's close of 47.1600/1650 in the local currency markets. "The rupee was steady throughout the day with hardly any movements. The dollar inflows were good as usual and there was some demand for it from oil and engineering companies,'' said a dealer in a public sector bank. The central bank was seen buying at 47.14 levels, said dealers.
Back to News Review index page