Wipro, NIIT walk away with the gains

Reshma Krishnan

A RISE in the stock price of Wipro during the course of this week should come as no surprise.

The company saw its share price close up Rs 107.95 to end the week's trading at Rs 2,282.25 from the previous week's close of Rs 2,174.30.

This week, the company completed its initial US public offering of 2.75 million American depository shares (ADRs), representing 2.75 million equity shares at $41.37 per share.

PSI Data Systems: The company's stock witnessed a marginal rise in share price. Its value rose by Rs 11.50 to close at Rs 457.10 from the previous week's close of Rs 445.60. This rise may have been on the back of the market taking a positive stance on the company's exit from the ATM business, in line with a global restructuring involving the sale of the ATM business by company's parent Groupe Bull SA of France.

Mindteck: The company's share price fell in spite of a good earnings performance. It closed the week down Rs 9.60 at Rs 69.40 from the previous week's close of Rs 79. An aggressive acquisition strategy and a turnover grown by 59 per cent for the quarter ended September 30, 2000, did not seem to excite investors.

NIIT: Following a strong growth in earnings, the NIIT stock has been very much in investor favour this week. It ends the week's trading up Rs 486, 40 per cent up, to close at Rs 1,696.15 from the previous week's close of Rs 1,210.15. The company has also posted a 57-per cent growth in post-tax earnings for the year ended September 30, 2000.

Ballarpur Industries: The company's stock saw a marginal rise over the course of the trading week. It closed up Rs 3.25 at Rs 71.15 from last Friday's close of Rs 67.90.This could have been set off by the prospect of promoters engaging in a open market purchase to shore up the equity stake to ward off a hostile take-over.

Global Tele: The stock saw a small increase in share price, rising Rs 49.80 to close at Rs 1,089 from last week's close of Rs 1,039.20. This could be on the back of the four-year agreement with Cisco to provide customer specific services for engineering, furnishing and installing of Cisco's equipment covering the Asia-Pacific region.

Ashok Leyland: The stock gained in value last week. This may have been triggered by the possibility of Ashok Leyland coming out with a buy-back programme. The stock closed the week at Rs 40, up Rs 5.95 from the previous week's close of Rs 34.05.

Larson and Toubro: The scrip witnessed a marginal fall in its stock price, falling Rs 10 to end the week's trading session at Rs 155.50 from the previous week's closing of

Rs 160.55. The fall comes despite the company deciding on a public listing of its Cement Division and giving current shareholders a 25-per cent equity stake in it.