Financial Daily from THE HINDU group of publications
Sunday, Nov 24, 2002
Financial Daily from THE HINDU group of publications Sunday, Nov 24, 2002 |
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Investment World
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Stock Markets Markets - Commentary Arvind Mills perks up over 10 pc G. Madhan
IDBI Bank (Rs 21): The stock price of IDBI Bank, went up this week by 11.3 per cent. This has to be viewed in the context of the interest displayed by foreign banks and financial institutions in this stock since the Government announced a package for IDBI. This package may rule out the merger between the IDBI and IDBI Bank in the medium term. ICICI Bank (Rs 129): The stock price of ICICI Bank moved north this week by 7 per cent. The Securitisation Bill, passed by the Lok Sabha appears to have fuelled the price hike. This bill may help most of the banks to recover their non-performing assets (NPAs) and further strengthen their financial positions. Arvind Mills (Rs 22): The stock price of cotton textile manufacturer, Arvind Mills, went up this week by 10.6 per cent. The debt restructuring and turn around fuelled by an increase in price realisation appear to have created an interest in this stock. Infosys Technologies (Rs 4,619): The stock price of the software major spiked up this week by 6.7 per cent. This has to be viewed in the context of market rumours that it could be bagging a large order soon. Digital GlobalSoft (Rs 583): The stock price of the software major, Digital GlobalSoft, witnessed a significant 14.9 per cent increase this week. This has to be viewed in the light of rumours that Hewlett Packard India's engineering operations could be merged with Digital GlobalSoft's engineering services unit. SCI (Rs 54): The stock price of the state-owned Shipping Corporation of India, spiralled down this week by 11.1 per cent. Great Eastern Shipping Company, believed to be the most serious bidder for the 51 per cent stake in Shipping Corporation of India, has decided to pull out of the race for the time being due to the continued uncertainty on the timing of the sale process. ONGC (Rs 345): The stock price of Public Sector Unit, ONGC, dropped this week by 5.5 per cent. The fears of a likely decrease in crude oil prices in the next few weeks due to the easing of tension over Iraq appears to be the reason for the selling pressure witnessed at this counter. Mahindra & Mahindra (Rs 101): The stock price of the utility vehicle and tractor major, Mahindra & Mahindra, went up this week by 9.3 per cent. The increase in the market share of M&M, following the success of its Scorpio, appears to have sustained the buying interest in this counter. Tata Engineering (Rs 162): The stock price of the commercial vehicle and passenger car manufacturer, Tata Engineering, went up this week by 2.2 per cent. Tata Engineering had recently launched a series of heavy commercial vehicles, the initial sales of which were encouraging. Top Gainers & Losers The top five gainers of the week are Gordon Woodroffe, IT & T, Geodesic Information Systems, Jindal Iron & Steel and Sterlite Biotec. The top five losers are Nedungadi Bank, Snowcem India, Baffin Engineering Projects, Madhucon Projects and Donear Industries.
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