Fast track
Driven by open offers
THE introduction of rolling settlement in `Group A' stocks from July 2 and the ban on carry-forward trading (all deferral products in the form of badla, automated lending and borrowing mechanism (ALBM) on the National Stock Exchange or the Bombay Stock E
xchange's borrowing and lending system (BLESS) have sapped the liquidity at the bourses. The combined turnover at the Bombay Stock Exchange and the National Stock Exchange have shrunk considerably since the proposed move in end-April/early May.
Impact
Britannia Industries: Buyback, a mixed blessing
THE possibility of a buyback by Britannia Industries may create some interest in the short term. But in a competitive market where it faces major rivals in quite a few product segment, the company would need its cash accruals for retaining market-share a
nd growing it over time.
Bombay Dyeing: Buyback driven interest
A BUYBACK offer by Bombay Dyeing could lead to some firm trends in the stock price. Given the concerns over fundamentals for quite some time now and poor stock price performance, a buyback even if it is through secondary market route may provide some pep
to the stock price.
Binani Industries
THE denial of approval to the dividend proposal of Binani Industries by IDBI may act as a dampener on the valuation of the stock.
VST Industries: BAT strides in
The last word is not yet out on the fate of control VST Industries. The possibility of a key shareholder of VST Industries - BAT Plc, UK - wanting to raise its stake and keep its hold over the company may leave some market interest in the stock.
Stocks
Lyons Range
THE Calcutta Stock Exchange continued to witness a dull session on Wednesday. The counters of Philips, Zee Telefilms, Bata and Silverline were among the gainers.
Zee Tele, VST shine in dull trade
THE markets remained rangebound on Wednesday, scoring marginal gains. The benchmark Bombay Stock Exchange sensitive index (BSE Sensex) ended up 3.22 points at 3,501.61, trading in the range of 3519.13 and 3492.95. The advancing shares were higher at 680
as against 451 stocks that declined. Though 1,268 issues were traded on the exchange, only 26 stocks touched new highs and 47 shares plummeted to new lows. Trading volumes stood at 6.89 crore and the turnover was around Rs 1,213 crore.
Technical Analysis
Narrow movement
THE market moved narrowly on Wednesday for the third consecutive day. Nifty moved within a close band of six points. This left the sideways trend in the Nifty intact. Neither the bulls nor the bears could gain from the day's trading. Nifty closed around
the previous day's last traded value. The sentiment of the market continued to remain bearish.
