Cement counters rally on higher despatches

K.S. Badri Narayanan

SHARES of leading cement makers scored significant gains during the week.

The announcement from Gujarat Ambuja Cement and ACC that their October despatches increased 14.9 per cent and 19.8 per cent respectively fuelled a strong rally across-the-board.

ACC finished at Rs 111.35 (Rs 92.55), Gujarat Ambuja Cement at Rs 144.40 (Rs 131.45), Madras Cement at Rs 4,420.95 (Rs 4,011), Grasim Industries at Rs 227.50 (Rs 202.40) and India Cements at Rs 37.10 (Rs 35). L&T closed at Rs 160.95 (Rs 158.05), after touching a low of Rs 148.15.

Reliance Industries: A sound second-quarter performance (20 per cent jump in net profit) might have helped the scrip to end on a firm note. It ended the week at Rs 314 (Rs 304.15) after touching a high of Rs 316.20.

Wipro: The announcement of strong second-quarter/first-half performance fuelled a strong rally in the counter. It finished the week at Rs 2,419.80 (Rs 2,321.30).

MICO: The scrip finished on a firm note at Rs 3,439 (Rs 3,397.50). The buyback price of Rs 3,800 announced by the board of directors might have spurred the rally.

Indian Shaving Products: The nod to merge Duracell India Ltd and Wilkinson Sword India with the company has evoked some interest in the scrip. It closed at Rs 690.55 (Rs 680.80) after touching a high of Rs 704.90. The company will be known as Gillette India Ltd here after.

Compudyne Winfosystems: The company's announcement that it is entering into a business partnership with Lisle Technology Partners (Lisle Tech), a US-based company, for multimedia and e-commerce projects, failed to lift market sentiment. The scrip finished the week at Rs 84.80 (Rs 90.50).

Great Eastern Shipping Co: The movement in the stock remained flat despite an announcement that the board has decided in favour of a buyback at a maximum price of Rs 42 per share. It finished the week at Rs 32.65 (Rs 33.20).

Tata Elxsi: The stock ended the week on a better note at Rs 96.60 (Rs 93.10). Tata Sons has acquired 14 lakh shares of the company from Tata Engg. Consequent to which Tata Sons' stake in the company has gone up to 6.42 per cent.

Digital Equipment India: The company has intensified its relationship with Nortel Networks by announcing the establishment of an operation solutions centre for telecom carriers. The scrip ended the week on a strong note at Rs 514.90 (Rs 477).

Bajaj Auto: The share price of the company witnessed a minor fall to Rs 256.95 (Rs 265.35). The 20-per cent fall in October sales reported by the company might have dampened market sentiment.

SSI: Despite a strong second-quarter performance, the scrip closed the week on a weak note at Rs 1,991.65 (Rs 2,303.40)

SBI: A 71-per cent rise in second-quarter net profit triggered a strong rally in the counter. It finished the week at Rs 173.40 (Rs 158.25).