Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Fund interest in Vorin Labs?
TRADING volume has spurted on the Hyderabad-based Vorin Laboratories counter, reportedly because a large domestic mutual fund is buying into the stock. A block deal of about two lakh shares was reported on the Bombay Stock Exchange on Wednesday. Altogether about 3.4 lakh shares were traded on Wednesday at the counter of the bulk drug maker that usually does not see much activity. Volume on the counter had shot up on June 3 too when over three lakh shares changed hands. Analysts say the company, in which a drug giant is a major shareholder, stands to gain from a cut in cephalosporin prices announced by NPPA recently. They also added that it could also be a source for that large drug maker's bulk drug exports. The stock closed at Rs 68.10 on the BSE on Wednesday, marginally lower than Tuesday's close of Rs 68.40. It is trading about Rs 5 shy of its year-high of Rs 73.40.
BSES leads power stocks rally
THE latest entrant to the Reliance group on Wednesday rallied nearly 13 per cent on expectation that the Government would soon announce the draft power tariff policy and also the rural electrification policy. Several funds, including a foreign institutional investor, were buying heavily at the counter, according to dealers. An analyst said with the passing of the Electricity Bill, BSES stood to gain the most with its stated intention of exploring new opportunities in transmission and distribution. BSES has announced that it would set up two fully owned subsidiaries - one for transmission and distribution, and another for trading in electricity and power derivatives. The stock rallied more nearly 13 per cent to close the day at Rs 259.55 on the BSE. Its previous close was Rs 229.90. Combined volumes on the BSE and NSE were more than 23 lakh shares. Other stocks in the power sector too were on the upswing. Tata Power gained 2.5 per cent today to close at Rs143.80. Power transmission and distribution equipment maker Alstom gained 10 per cent to close at Rs 97.55 and rival ABB closed at Rs 378.80, up 5.2 per cent.
Dinesh Narayanan
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