LLA rating for Bharti Tele NCD
Mumbai: ICRA has assigned an LAA rating to the Rs 100-crore non convertible debentures of Bharti-Televentures indicating high safety. The company is the leading private sector telecommunication service provider in the country.

The rating also factors in improvement in the inherent profitability of the wireless business due to significant reduction in network capital costs and financing costs according to a statement from ICRA.

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IT scrips the silver lining in stock market
Mumbai: As fears of rising oil prices added to the gloomy sentiments prevailing over the stock markets IT stocks provided a ray of hope and mitigated the losses. The Sensex opened the day at 4,760.28, sharply lower than its previous close of 4,835 but gained smartly on the back of bargain buying, though the gains were not enough to push the benchmark into the positive territory.

The index touched a low of 4,665.21 and a high of 4,830.08, registering an intra-day swing of 164 points. For every stock that advanced, four declined. Heavy buying in software stocks such as Infosys, Satyam and Wipro helped the index recoup some of the losses suffered during the day. Software stocks were in demand as investors rushed to invest in sectors relatively unaffected by Government policy. The stock of i-flex Solutions witnessed significant gains, surging Rs24 to close at Rs526.

The stock of Punjab Tractors was among the few gainers. The stock gained Rs9 to close at Rs224 as the company's fourth-quarter results showed an increase in net profit to Rs16.7 crore against Rs8.32 crore reported in the corresponding previous quarter. Mahindra & Mahindra declined by Rs9 to close at R420. This decline was despite the company posting impressive results for the fourth quarter and for the year.

Banking stocks were under pressure with investors nervous about the impact that the new Government's policies would have on the banking sector. ICICI Bank was a major loser and public sector banks such as Canara Bank, IOB, Dena Bank and Vijaya Bank saw heavier losses. Stocks that gained were SRF, Vardhman Spinning Mahavir Spinning however, did not appreciate, although the company announced a dividend of 45 per cent.

EID Parry gained Rs2.3 to close at Rs 204. The company has declared a 75 per cent dividend for the year gone by. Swaraj Engines put on a good show, gaining Rs12 to close at Rs267.
The stock of Petronet LNG remained stable, managing to sustain investor interest owing to its capacity expansion plans. Ranbaxy declined marginally despite the company receiving an approval from the USFDA to manufacture and market fenofibrate.

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Stocks underperform on BSE
Mumbai: According to a study 40 percent of stocks are trading at a 50 percent discount from their 52-week highs and 90 percent stocks are underperforming the BSE Sensex and S&P CNX Nifty.
Almost 40 per cent of the stocks actively traded on the bourses are now available at a 50 per cent discount to their 52-week highs, scaled between January 1, and April 15, 2004.

The steep fall in the prices of these stocks began immediately after the United Progressive Alliance (UPA) was formed. Furthermore, nearly 90 per cent stocks underperformed the BSE Sensex and S&P CNX Nifty. The BSE Sensex and the Nifty declined by around 25 per cent from their 52-week high scaled on January 9, 2004. Prices of these stocks fell by well over 25 per cent.

Prices of B1 and B2 group stocks fell the most, between May 17 and May 31, 2004. Of the 720 stocks whose prices declined by over 50 per cent, 386 of them are from the B2 group and 260 are from B1 group. Prices of 27 A group stocks too dropped by over 50 per cent in this period.
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Asiamoney award for ICICI Securities
Mumbai: ICICI Securities has won Asiamoney's 'Best Domestic Bond House in India' award for 2004. The award recognises ICICI Securities' size, expertise in the Indian debt market and range of services on offer, according to a company press release.
The major transaction that ICICI Securities was instrumental in was the Rs500-crore bond issue for the Asian Development Bank.

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