Financial Daily from THE HINDU group of publications
Tuesday, Jun 17, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jun 17, 2003 |
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Markets
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Stock Markets Talk of fresh orders boosts Sesa Goa Our Bureau
KOLKATA, June 16 THE Sesa Goa stock scaled a 52-week high on Monday on reported buying by mutual funds and resumption of trading interest. However, it finished slightly lower than the day's peak of Rs 159.70. From a 52-week low of Rs 57, recorded on November 7, 2002, the stock has appreciated by about 174.5 per cent till now. According to dealers, certain funds and institutions were active in the iron mining and exporters counter today. The market buzz was that Tata Mutual Fund and Reliance Mutual Fund had picked up substantial quantity of the stock. Traders' interest was also seen on market talk over fresh orders from China. In April, the company had refuted reports of specific orders from China to be executed in the April-June quarter. It informed the National Stock Exchange: "We continue to export to our customary buyers from China, Japan and European as per regular contracts.'' According to Ms Priya Madani of Anagram Stockbroking, Sesa Goa is the world's lowest cost iron ore mining company. "At the current price, the stock looks fully valued at 26.1 times its trailing for quarter earnings of Rs 6,'' she added. According to market sources, the company's move to consolidate its holding in its subsidiary, Sesa Industries Ltd, and the possibility of acquiring new mining rights in Jharkhand and Orissa have been positive for the counter's sentiment. A Narrain Mines, a subsidiary of the company having mining rights in Karnataka, is in the process of being merged with Sesa Goa. "As the steel and iron ore prices globally are moving up and the company is in a consolidation mode, the stock is undergoing a re-rating,'' an NSE broker said. The stock clocked a volume of 3.41 lakh shares (40,118 shares) and closed at Rs 156.80 (Rs 140.95) on the BSE. On the NSE, it had traded a quantity of 5.88 lakh shares (53,649 shares).
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