Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Markets
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Commentary Columns - Ear to the ground Price cut talk prompts cement stocks fall
AFTER being in fancy for the past few weeks, most of the leading cement company share prices were down on Thursday. The market talk was that the cement prices in Maharashtra have fallen between Rs 8 and Rs 10 per 50-kg bag. With this development, the cement analysts seem to have turned bearish on cement stocks in the short term. Market was expecting a rise in cement prices by similar amount, but it has turned the other way round. Major cement companies shares to fall included — Larsen & Toubro, ACC, Gujarat Ambuja Cement, Grasim. The only exception was Madras Cement, which ended marginally higher.
LML climbs on good growth hopes
THE latest entrant in the motorcycle segment, LML is gaining from the rise in motorcycle demands. Still a small player in this segment compared with market bigwigs such as Hero Honda, Bajaj Auto and TVS Motors, the outlook for the company looks good, analysts said. However, the stock was down on Thursday by 5.79 per cent at Rs 23.95 on the BSE. On the NSE, it was down 8.14 per cent at Rs 23.95. But market players feel that the fall was more of profit taking as the stock had already appreciated by over 50 per cent in the last one month.
Glenmark jumps on molecule licence
THE Mumbai-based Glenmark Pharmaceuticals is witnessing intense activity in the past few days. With the announcement of Glenmark's anti-diabetes/anti-obesity molecule entering into clinical trials shortly, speculation is rife over the licensing of the molecule. Market sources said that a leading listed Indian drug maker could be a contender for furthering the development of the molecule into a drug. In the past four weeks, the scrip has gone up by over 40 per cent. On the back of these developments, the Glenmark stock has shot up considerably by 13 per cent on Thursday to close at Rs 255.30 on the BSE. On the NSE, the stock went up by 12.46 per cent to close at Rs 254.20.
Virendra Verma
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