Financial Daily from THE HINDU group of publications
Thursday, Jun 05, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 05, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Order buzz at HCL counter
THE counter of software services company HCL Technologies has been in the limelight for the past few days. According to dealers, there is talk of the company bagging a substantial order, which it is expected to announce shortly. Though the exact nature of the project is not known, the deal is expected to be in the $40-45 million range, with the payment being split into four parts, dealers said. There was also speculation about the promoters picking up shares of the company from the market on Wednesday. The share price gained 6.05 per cent on the BSE to close at Rs 135.85, with 7.97 lakh shares being traded. On the NSE, it closed at Rs 135.05, gaining 5.43 per cent with 24.21 lakh shares being traded.
Fund support for SBI
THE stock of State Bank of India (SBI) attracted substantial buying interest today. According to dealers, the buying came predominantly from mutual funds and FIIs on the back of rumours that the GDR and NRI holding, which is currently treated as part of the overall FII stake in the bank, will be separated and an announcement to the effect would be made shortly. The market has been expecting such a move for some time now and, if and when the expectation is translated into implementation, it would provide room for at least 7-8 per cent of fresh FII inflows into the bank. The Union Finance Secretary had stated on Tuesday that the Government has not yet taken any decision on the issue of raising the FII limit in SBI, currently capped at 20 per cent. In today's trading, the scrip's price gained 4.26 per cent on the BSE, closing at Rs 358.15 with 15.91 lakh shares being traded. On the NSE, it rose 4.21 per cent with trading volumes of 39.84 lakh shares.
Contract wins for Ashok Leyland?
THE markets are expecting some good news from Ashok Leyland. Analysts said that there was talk in the market on Wednesday about the company receiving good response to some of its new products displayed at a recently held auto show in Colombo. Leyland has apparently received some serious business enquires for its new luxury bus and two cargo vehicles that are expected to translate into sizeable wins. At current levels, analysts said, the stock seems attractively valued. It closed at Rs 120.25 on the BSE, up 0.17 per cent with trading volumes of 29,406 shares, while on the NSE it closed at Rs 119.40, down 1.40 per cent with 89,767 shares being traded.
Neha Kapoor
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