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Outsourcing
gives kick-start to auto components stocks
Mumbai: The boom in the automobile sector and good
export potential for auto-component products brought lot
of market interest in the auto-ancillary stocks on Tuesday's
trading. On Tuesday's trading on the BSE, Amforge stock
gained 4.99 per cent at Rs 122..75, Denso India gained
16.27 per cent at Rs 60.40, Motherson Sumi System closed
at Rs 282.50 (up 9.99 per cent), Lumax Industries closed
at Rs 83.15, up 8.20 per cent and Sundaram Clayton gained
5 per cent at Rs 452.65.
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Ruchi
Soya rides on US crop failure
Kolkata: The Ruchi Soya Industries stock on Tuesday
saw a sudden spurt in volume and price on the major bourses.
The stock closed at Rs 73.30 (Rs 65.20) on the Bombay
Stock Exchange with a traded quantity of 46,457 (3,111)
shares. On the National Stock Exchange, the counter had
a volume of 90,799 (7,207) shares.
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Buyers
return to Reliance
Mumbai: Institutional investors, both foreign as
well as domestic, heavily bought the stock of Reliance
Industries on Tuesday, a dealer said. He added that one
investor that had been selling at the counter over the
past few days stopped unloading the stock. According to
a market source, investors are expecting a review of estimates
of reserves in the gas fields owned by the company off
the country's east coast.
Last week the Reliance counter had witnessed heavy selling
after the company's partner Niko Resources said its largest
gas field off the east coast holds lesser reserves than
earlier estimated. It had said the March 2003 estimates
were overstated due to an arithmetic error. Niko revised
the gas estimates from 9.9 tcf to 8.6 tcf. The market
grapevine has it that the estimate may be revised again,
this time upwards. The stock ended the day at Rs 467.30
per share, up 2.6 per cent than its previous close on
the BSE. The aggregate volume on the BSE and NSE was about
71 lakh shares.
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Rupee
moves in narrow range
Mumbai: The Indian rupee on Tuesday moved in narrow
band of six paise but closed 3.50 paise higher at 45.92/93
in its value against the dollar. The domestic currency
has lost 1.25 per cent in the past fortnight on weak dollar
supplies, dollar demand and active central bank intervention.
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