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SATYAM Computer was back in the buy list of leading institutional investors. Dealers said most institutional purchases came from the foreign investors. The major factor for the revived interest in the counter was on expectation that the company would be able to cover-up for the decline in the profits that it had witnessed in the third quarter. Besides, the optimistic mood was on account of the war fears between US and Iraq being over.

A dealer said two new FIIs have started investing in Indian companies and are picking stakes in top-rung companies and Satyam Computer was also part of this.

On Monday, the stock of Satyam Computer gained 6.23 per cent at Rs 227.75 with volumes of 45.21 lakh shares on the BSE. On the NSE, the stock closed at Rs 228, up 6.59 per cent with volumes of 1.31 crore shares.

Excise cut hopes lift Ashok Leyland

ASHOK Leyland was in the buy-list of some of the institutional players on Monday. The main factor was the expectation that the Government might reduce the excise duty on commercial vehicle in the coming Budget. Dealers said the likely cut in excise duty would benefit the sector as a whole with Ashok Leyland being expected to gain maximum of this move.

Ashok Leyland closed at Rs 107.90, up 6.10 per cent with volumes of 61,754 shares on the BSE. On the NSE, the stock closed at Rs 106.25, up 4.53 per cent with volumes of 1.18 lakh shares.

Ethanol talk fuels India Glycols

INDIA Glycols gained 16 per cent on the BSE at Rs 40.85 with volumes of 1.45 lakh shares.

Dealers said the stock gained on the Government initiative to introduce ethanol-based fuel in the country. The company manufactures alcohol-based chemicals and ethanol is one of the products it manufactures. The talks are that investors, who had turned bullish on Praj Industries — manufacturer of machinery for ethanol-based fuel, are accumulating India Glycols in the last few days. Another factor for increased interest is the expectation of good financial performance of the company in the current fiscal. Players feel that if the ethanol-based fuel is successful in the current year, the outlook for the company may turn bright.

Virendra Verma

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