|
New
economy stocks stage smart recovery
Mumbai: The software and banking stocks spearheaded
the rally of the BSE Sensex on Wednesday's trading. The
Sensex jumped by 48.52 points (or 1.57 per cent) to settle
at 3130.46 points. The new economy stocks, which have
been languishing for some time, staged a smart recovery
as the Nasdaq Composite Index marched up by 46.60 points
(or 3.09 per cent) to 1556.69 points on Tuesday. Similarly,
the Dow Jones Industrial Average also moved up by 179.97
points (or 2.09 per cent) to close at 8781.35 points.
For the banking stocks, the trigger for the rise in prices
was the decision by the Centre not to charge any premium
on the return of equity capital by public sector banks.
The Sensex opened for the day at 3093.72 points, touched
a high of 3133.17 and a low of 3086.15 points. The gross
turnover at the exchange was higher at Rs 1295.55 crore,
up from Rs 1171.94 crore on Tuesday's trading. The advances
to declines ratio stood at 1.08, with 841 stocks appreciating
in value while 776 stocks logged declines.
Back
to News Review index page
Lupin
up sharply on stake sale rumours
Kochi: Speculation over promoters of Lupin Ltd
being close to placing 15-20 per cent of their equity
with the London-based Citigroup Venture Capital saw the
share touch a 52-week high on the bourses during intra-day
trading. According to rumours, the deal has been struck
at around $80 million, the valuation for which was completed
at Rs 230 per share. Brokers said the perception that
if the deal were to actually take place an open offer
could be triggered added strength to the counter. This
is despite the fact that the company had gone on record
in February, denying the stake sale. The stock ended the
day at Rs 180.60, up 2.88 per cent on the BSE, with around
6.07 lakh shares being traded. On the NSE, the stock closed
at around Rs 180.10, up 2.48 per cent, with around 9.1
lakh shares traded.
Back
to News Review index page
It's
not all glitter for diamond cos
Mumbai: Diamonds do not lose their sheen. But for
those in the business of selling it for profit, the prospects
don't appear to be all that glittering. Though the topline
of major diamond exporters has registered a modest growth,
their bottom line has witnessed a significant drop, an
analysis of the companies in diamond jewellery business
revealed. Net sales of top eight listed diamond companies
on an average have grown by 23 per cent for the year ending
March 2003, from that of the previous year. However, the
net profit, on an average has plummeted by about 64 per
cent, during the period. The drop was particularly sharp
in Su-raj diamonds, Goldiam International and Sovereign
Diamonds. On the other hand, diamond stocks did not provide
much solace to the investors either. The average market
return of 15 major diamond exporters in the last one-year
has been negative and stands at - 4.0 per cent. Suashish
Diamond (-15.7 per cent), Flawless Diamond (-40 per cent),
Classic Diamonds (-31.5 per cent) and Parekh Platinum
(-37.3 per cent) recorded significant drop in their stock
prices. On the other hand SB&T International (58.1
per cent), Su-raj Diamonds (13.4 per cent) and Zodiac-JRD
(12.4 per cent) registered gains.
Back
to News Review index page
China
hopes lift steel stocks
Mumbai: Steel counters witnessed hectic activity
on Wednesday with volumes swelling at the counters of
Steel Authority of India and Tata Steel. SAIL had a combined
volume of 2.3 crore shares on the BSE and the NSE. About
45 lakh Tata Steel shares changed hands on the two bourses.
Dealers said steel makers' stock was up on news that China
issued fresh import quotas for the metal, setting aside
worries of that country reducing steel imports. Sector
analysts consider the move as a big positive for Indian
steel makers as many of them have significant exports
to China. It has also reportedly lowered import duty should
a country exceed quota limits. State-owned SAIL led the
rally with a 5.12 per cent gain that also reflected its
good performance during the last quarter of the past fiscal
year, dealers said. The stock closed at Rs 11.30 compared
to the previous day's close of Rs 10.75.
Back
to News Review index page
Rupee
volatile; gilts rally
Mumbai: It was an unexpected day of high volatility
for the Indian rupee on Wednesday. The domestic currency
depreciated by ten paise against the dollar on the back
of month-end demand for dollars from corporates. The rupee
today reversed the trend of consistent appreciation and
ended the day at 46.98/99 down from Tuesday's close of
46.89/90 against the dollar. However, the dealers said
that the rupee movement an aberration and it was expected
to continue its appreciation. Nitin Iyer, a Senior Forex
Analyst in Mecklai Financial Ltd, said, "The rupee
is certain to appreciate further in June. What was seen
today was just month-end demand by corporates and consolidation.
This might be observed tomorrow also."
Back
to News Review index page
|
