Financial Daily from THE HINDU group of publications
Wednesday, Jul 09, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jul 09, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Block deals in HDFC Dinesh Narayanan
THE housing finance company saw four large block deals, three of them in excess of 14 lakh shares, in early trade on Tuesday. According to market sources, about 43 lakh shares were transacted at the counter on the BSE with rates ranging from Rs 400 to Rs 414 per share. They said a large foreign firm had brokered the deal and it appeared to be an inter-fund transfer. The deal, however, did not affect the counter much as the HDFC share closed 1.13 per cent lower at Rs 410.05 on the BSE and 1.42 per cent lower at Rs 415.25 on the NSE.
Fund buying in Infosys
THE technology leader's stock was back in favour with hedge funds on Tuesday even as market players continued to speculate on the first quarter numbers the company would put out on Thursday. According to dealers, a couple of hedge funds that were major sellers at the Infosys counter a couple of days ago, came back on Tuesday to pick up the stock in large numbers. A dealer with a domestic brokerage house said two big Mumbai-based brokers were also seen buying Infosys. The stock closed at Rs 3,241.25, up 4.84 per cent on the BSE and at Rs 3,240.30, up 4.69 per cent on the NSE. Altogether more than 17 lakh shares changed hands on the two exchanges.
Hopes of good results
THE stock of the Aluva-based Federal Bank was attracting buyers on Tuesday on expectations of it reporting robust first quarter results. The old private sector bank, considered by market players as a prime takeover target, is also speculated to be one among six banks short-listed by ABN Amro for a possible acquisition. The bank was up 1.07 per cent on the BSE at Rs 151.15 and 1.7 per cent on the NSE at Rs 151.55. About 1.8 lakh shares were traded on the BSE and 7.7 lakh shares changed hands on the NSE.
Jyoti Structure may get more contracts
Jyoti Structure, which is in the business of erecting power transmission tower, electricity sub-station structures and railway electrification systems, has been energised by the Electricity Act that freed transmission to the private sector. Dealers expect the company to get more contracts in the transmission business where many private sector players such as Tata Power and BSES are likely to set up their own networks. The stock closed on Tuesday at Rs 38.55, which was 5.2 per cent above its previous close on the BSE. It closed at Rs 38.15 on the NSE, sharply up from its previous close of Rs 36.55. Combined volumes on the two exchanges were nearly 1.4 lakh shares.
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