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Markets:
Sensex on a roll - FIIs warm up the party
Mumbai: The BSE Sensex leapt up to 6157.7 points,
a whopping 123 points or 2.03 per cent higher than its
previous close of 6035.03 points. This is the second
highest closing in the history of BSE. The highest level
was at 6194.11 on January 14, 2004. The S&P CNX
Nifty raced away to finish at 1939.65 points, up 38
points over its previous close.
Brokers attribute the buying frenzy of FIIs to year-end
covering of positions. Brokers believe that FIIs would
remain active for the next two weeks of trade and the
index can be expected to be volatile.
Market Gainers
SBI, Bank of India, IOB, Bank of Baroda, UTI Bank, Andhra
Bank, Sundram Clayton, Rane Brake, MICO, Rane Brake,
Raymond, Indian Rayon, Arvind Mills, Alok Industries,
Lakshmi Machine Works (LMW), Trent, Engineers India,
Birla Global Finance, Hotel Leela, ABB, BEML, Crompton
Greaves, HDFC Bank, ITC, Gammon India, Abhishek Industries,
Pantaloon Retail, Taj GVK, Tata Steel, Jindal Iron &
Steel, SAIL, Jindal Vijaynagar Steel, Bhushan Steel,
Kalyani Steel, Uttam Galva, Shipping Corporation of
India (SCI)
Market Losers
Dr Reddy's Laboratories, Zee Telefilms, HDFC Bank
Market
Counters
BSE 30
Figures in Rupees
Gain (+) / Loss (-)
| ACC |
290.45 |
+3.45 |
| Bajaj
Auto |
1,004.50 |
+4.60 |
| Bharti
Televentures |
168.45 |
+0.85 |
| BHEL |
616.95 |
+9.20 |
| Cipla |
279.35 |
+6.00 |
| Dr.
Reddys Laboratories |
799.85 |
-9.85 |
| Grasim
Industries |
1,117.75 |
+5.65 |
| Gujarat
Ambuja |
371.05 |
+6.25 |
| HDFC |
769.45 |
+1.80 |
| HDFC
Bank |
496.95 |
-2.10 |
| Hero
Honda Motors |
482.25 |
+9.10 |
| Hindalco
Industries Limited |
1,286.90 |
+3.05 |
| Hindustan
Petroleum Corp |
346.50 |
+10.80 |
| HLL |
140.55 |
+4.65 |
| ICICI
Bank |
336.40 |
+16.60 |
| Infosys
Technologies |
2,090.85 |
+59.65 |
| ITC |
1,290.15 |
+14.70 |
| Maruti
Udyog |
419.75 |
+22.50 |
| MTNL |
125.90 |
-0.90 |
| ONGC |
805.50 |
+9.40 |
| Ranbaxy
Labs |
1,086.15 |
+21.80 |
| Reliance
Energy |
555.30 |
+6.20 |
| Reliance
Industries |
509.80 |
+6.25 |
| Satyam
Computer Services |
432.35 |
+7.80 |
| State
Bank Of India |
524.95 |
+12.50 |
| Tata
Motors |
490.65 |
+25.85 |
| Tata
Power |
341.85 |
+3.90 |
| TISCO |
322.80 |
+11.90 |
| Wipro |
762.20 |
+25.50 |
| Zee
Telefilms |
151.50 |
-1.95 |
Others
Kotak Mahindra Bank up Rs14.45 at Rs255.55
Sundram Brake Lining up Rs30.7 at Rs 407.6
Alok Industries up 5.6 per cent at Rs74.40
LMW up Rs150 at Rs8, 133
Trent up 12 per cent at Rs577.95
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Reliance
scrips turn around on Monday
Mumbai: Shares of Reliance group companies managed
a turn around on Monday after the previous weeks hammering.
Market speculation has it that the promoters of Reliance
group companies may also be providing buying support
in these scrips.
Reliance Industries Ltd gained Rs6.25 to end
at Rs509.80.
Reliance Energy gained Rs6.20 to close at Rs555.30.
Reliance Capital touched a high of Rs139.2, before
closing at Rs137.25, up by Re 1 from Thursday's close.
Reliance Industrial Infrastructure Ltd up Rs1.40
closing at Rs74.55.
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Kotak
Bank to hive off 2.75 per cent to Warburg Pincus
Mumbai: Investment firm Warburg Pincus will pick
up a 2.75-per cent equity stake in Kotak Mahindra Bank
at a price of Rs230 per share. Kotak Mahindra Bank shares
closed 6 per cent up at Rs255.55 per share on the BSE
on Mondayon the back of the announcement.
A press release from the bank said its board cleared
the issue of 33 lakh equity shares on a preferential
basis to the sub-accounts of Warburg Pincus International
LLC, registered in India as a foreign institutional
investor (FII). The issue, which will have a lock-in
period of one year, will bring in nearly Rs76 crore.
The board also approved raising the FII investment ceiling
in the bank's equity to 30 per cent from the current
24 per cent.
The Kotak group and the Mahindra group are current owners
of the bank.
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FII
investments at all time high - likely to touch $8 billion
in 2004
Mumbai: Foreign investors are bullish on India
and more funds are likely to materialise in the remaining
part of the year.
Speaking at the Fund World 2004 conference here on Monday,
Paul D Hedges, Global Head, Securities Services, Standard
Chartered Bank, UK, said: "FIIs investment had
reached all-time high levels last week and inflows are
likely to continue. I feel inflows this calendar year
could touch $8 billion".
The FIIs inflows have already touched all-time high
in the equity market till now. Till last Thursday, it
was $6.93 billion, according to SEBI data. Last year,
total inflow in the equity market was to the tune of
$6.59 billion.
Hedges also said the Sensex is expected to touch 8000
levels. However, he did not specify any time limit for
the level.
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SEBI
monitoring Reliance group - will work out norms for
hedge funds soon
Mumbai: SEBI is monitoring corporate developments
in the Reliance group companies in the wake of the ongoing
power tussle and the resignation of six Reliance Energy
directors.
"As the investor base of the Reliance Group companies
runs into millions, the developments in the group companies
are of interest to the regulator and stock markets,"
the SEBI Chairman, G.N. Bajpai, told reporters at the
sidelines of the Funds World 2004 seminar here on Monday.
The stock prices of all the Reliance group companies
have taken a beating after the controversy between the
Ambani brothers became public. All the stocks of the
five listed companies have come down. However, on Monday,
all the group companies' stock prices gained.
Bajpai also said that SEBI would announce guidelines
for investment of hedge funds in India over the next
couple of months. "We are at a final stage and
will come out with some concrete outcome of regulating
hedge funds in the next two months," he said.
Over the last year, investment by hedge funds in India
has raised a controversy, as there are no clear guidelines
for their investment in the country. According to brokers,
they are investing in India through participatory notes
issued by FIIs.
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