Financial Daily from THE HINDU group of publications
Sunday, Sep 08, 2002
Financial Daily from THE HINDU group of publications Sunday, Sep 08, 2002 |
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Investment World
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Stock Markets Markets - Commentary Asian Paints up 3.3 pc Nath Balakrishnan
IT was a week of range-bound trading, with the exception of Friday that saw the Sensex lose about 40 points on fears of uncertainty surrounding the divestment process and US aggression against Iraq. Hexaware Technologies: The company settled at a price of Rs 74.85, a jump of nearly 20 per cent over the week, propelled by the news of having secured a Euro 22 million contract from Dutch Leasing, to assist in the restructuring and the modernisation of the company's European IT operations. Reliance Industries: The stock moved up by 4.29 per cent to finish at Rs 266.25. The stock was partly responsible for shoring up the Sensex on Wednesday, on the news that it would raise the prices of some of its products, surrendered a part of its gains on Thursday, before it staged a marginal recovery to end the week. Asian Paints: The stock closed for the week at Rs 351.45, representing a gain of 3.28 per cent over the course of the week. This was driven by the company's decision to acquire a controlling stake in the Singapore-based Berger International. i-flex solutions: The stock rose by 2.37 per cent to finish the week at Rs 554.85. The company had announced that it had bagged an order to replace the core banking legacy system of the North Carolina Department of State Treasurer, US. MTNL: The company's stock lost over 10 per cent during the course of the week to finally settle at Rs 117.40. The market responded negatively to the news that it could possibly be merged with the state-owned BSNL. Bharat Petroleum: The stock tanked 7.55 per cent to close for the week at Rs 255, on account of the cloud of uncertainty surrounding the divestment process. VSNL: Reacting to the news that the Government might considering according permission to BSNL and MTNL for international long-distance (ILD) services, the company, which derives a lion's share of its revenue from ILD, saw its price collapse by 7.5 per cent to close the week at Rs 114.60. ITC: Close on the heels of British American Tobacco stating that it was not keen on hiking its stake in the company and was comfortable with the level of its current holding, the stock drifted southwards to close at Rs 663.35, a loss in excess of 5 per cent. HLL: The FMCG giant saw about 3.5 per cent shaved off its stock price as it ended the week at Rs. 179.95, as it came under selling pressure during the last trading day of the week. Infosys Technologies: The tech major shed in excess of 2 per cent to end the week at Rs 3,534.15, which was reflective of the weakness that prevailed in the tech-laden Nasdaq in the US.
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