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Canbank
MF unveils pure equity scheme
Kolkata: Canbank Mutual Fund has lined up a broad-based,
pure equity scheme with the BSE 200 as its benchmark index.
`Candiversifed, as the scheme has been named, will chiefly
invest in mid- and large-cap stocks picked up from sectors
that are thought to have significant upside potential.
The idea is to make use of the valuations that have come
to exist under the present market conditions.The offer
document filed with the SEBI maintains that the scheme
will normally invest a minimum 85 per cent of its assets
in equity and equity-related securities. Small allocations
will also be made to money market instruments.
According to N.R. Ramanujam, managing director of Canbank
MF, Candiversifed will help enlarge the fund's repertoire
of equity-oriented schemes. The MF has a number of such
products, including a couple of balanced schemes and a
sector-specific scheme. The balanced ones are Cantriple
and Canpremium, while Canexpo has a sectoral bias. The
latter seeks to invest in companies that have considerable
foreign exchange earnings.
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Rally
in MNC pharma stocks
Mumbai: Despite dull market conditions, investors
in multinational pharma companies seem to have a reason
to smile as these stocks have given handsome returns over
the past one month with some appreciating by over 30 per
cent. An analysis of share prices of MNC pharma companies
(on the Bombay Stock Exchange) over a period of one month,
from April 25 to May 26, reveals that stocks such as Aventis
Pharma, Burroughs Wellcome, and Pfizer lead the pack with
gains of over 30 per cent followed by others such as GlaxoSmithKline
Pharmaceuticals, Novartis and Merck which have gained
by over 20 per cent. Aventis Pharma has jumped 36.32 per
cent, rising from Rs 252.05 on April 25, 2003 to Rs 343.60
on the BSE on Monday. Burroughs Wellcome has gained by
36 per cent, going up from Rs 230.60 on April 25, 2003
to its current level of Rs 313.10 on the BSE even as Pfizer
witnessed a 30 per cent appreciation with its stock rising
from Rs 307 to Monday's close of Rs 399.05 on BSE.
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Tata
Engg active ahead of earnings announcement
Kochi: With just four trading days for the May
futures to expire, the derivatives segment saw increased
trading. The turnover was marginally higher at Rs 2,977
crore as compared to Friday's turnover of Rs 2937 crore.
The May Nifty future was the most active contract in the
segment. With the spot Nifty climbing by 1.55 per cent
to close at 982.45, the May futures closed the day at
985.75, higher by 1.67 per cent. Open interest declined
13.98 per cent. The June futures closed the day at 985,
with open interest jumping by 30 per cent. SBI and Infosys
were the most actively traded contracts. The spot Infosys
jumped by Rs 16.80 to close at Rs 2628.20. The May future
closed the day at Rs 2619, a discount of Rs 9.2 to the
spot. With trading interest shifting to the June contracts,
the open interest declined 8.32 per cent. The June contracts
climbed 2.70 points to close at Rs 2,626 and saw two-fold
jump in open interests. Trading interest was concentrated
around the May 980 call, May 970 call (both in-the-money).
With the spot increasing, the in-the-money 970 May call
increased in value from Rs 7.55 to Rs 16.50.
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Balaji
Tele hit by CAS woes
Mumbai: The stock price of media company Balaji
Telefilms on Monday touched a new 52-week low amidst concern
over the implementation of conditional access system (CAS).
Another factor for the fall in the stock price is the
fall in the viewerships of the company's serials on various
channels. Dealers said there is concern that the rating
of the company might fall in the post-CAS scenario and
this may result in lower bargaining power by the company
for its serials with various channels. Several fund managers
that had gone over-weight on the stock have started offloading
their holdings. Even the latest financial results by the
company were not in line with the market expectations.
On Monday, the stock touched a new 52-week low of Rs 52
and ended at Rs 52.20, down 0.19 per cent with a volume
of 1.38 lakh shares on the BSE and on the NSE the stock
was down 0.76 per cent with a volume 4.04 lakh shares.
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Reliance
back in FIIs' favour
Mumbai: Institutional investors were back at the
petroleum major Reliance Industries counter. Dealers said
there were some active purchases from leading foreign
investors. With most of the issues relating to the infocom
business resolved, the institutions were back accumulating
the stock. On Monday, the index heavyweight stock gained
3.76 per cent with 9.64 lakh shares being traded on the
BSE and on the NSE it closed at Rs 280, up 3.61 per cent
with volume of 30.28 lakh shares.
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Rupee
stable; bonds rally
Mumbai: The rupee closed at 46.89/90 on Monday,
almost unchanged from the previous closing levels. The
domestic currency opened at 46.8850/8950 and touched an
intra-day low of 46.93. According to Manbir Bawa, senior
forex analyst, Mecklai Financials, "the rupee is
unlikely to depreciate from this point onwards and may
strengthen to 46 levels by September''. Bawa said the
market was now witnessing a lot of paying interest in
the forwards, which was why the premia had been inching
up over the past couple of days
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