Financial Daily from THE HINDU group of publications
Sunday, Jun 01, 2003
Financial Daily from THE HINDU group of publications Sunday, Jun 01, 2003 |
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Investment World
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Stock Markets Markets - Commentary Thermax zooms on increased net G. Madhan
Punjab National Bank (Rs 179): The stock price of PNB zoomed this week by 19.3 per cent. This has to be seen on the back of announcement made by the Ministry of Finance, that it does not have any plans to charge a premium on the equity that the bank is planning to return. Earlier, Punjab National Bank has decided to return Rs 130 crore to the Government to improve its valuations. Tata Steel (Rs 158): Better product mix and buoyant finished goods prices enabled Tata steel to pose 2.8 times growth to its net profits to Rs 469 crore in the quarter ending March 2003, from the corresponding period of the previous year. On back of this news the stock was up 8.6 per cent this week. Indian Oil (Rs 356): Expectations of good financial performance and rumours that the company is likely to report a hefty dividend saw the stock price of Indian Oil Corporation stock prices to soar by 14.2 per cent this week. Madras Fertilizers (Rs 20): The spurt in the stock price of Madras Fertilizers by 44.1 per cent this week has to be seen in the light of the agreement reached by the Government to disinvest its equity stake in Madras Fertilizers to National Iranian Oil Company. Thermax (Rs 201): The increase in the net profit by 91 per cent to Rs 33.8 crore for the quarter ending March 2003, from the corresponding prior period enabled the stock price of this energy and environment player to perk up by 13.6 per cent this week. The company has recommended a dividend of 120 per cent for the year ended March 2003. Novartis India (Rs 228): Novartis India has recommended buyback of its shares at not more than Rs 250 per share, perhaps a prelude for delisting from the bourses. On back of this news the stock price plummeted by 15.4 per cent this week. Larsen & Toubro (Rs 223): The increase in the stock price of Larsen & Toubro by 6.2 per cent this week, has to be viewed in the context of 42 per cent increase in net profit registered by the company for the quarter ended March 2003, from the corresponding prior period. VSNL (Rs 90): Despite a 36.6 per cent drop in the net profits for the fourth quarter on the back of lower international settlement rates and ILD tariffs, the stock price of VSNL rose by 9.9 per cent this week. The dividend of 80 per cent may be a factor behind the near term uptrend. India Cements (Rs 22): The increase in the stock price of India Cements by 25 per cent this week has to be seen in light of debt restructuring proposed by the company and sale of some of its cement acquisitions made earlier. Top gainers and losers The top five gainers of the week are Fine drugs and Chemicals (72.4 per cent), ADDI Industries (60.5 per cent), Veejay Lakshmi Engineering (60 per cent), Kwality Dairy (57.8 per cent) and Super Sales Agencies (54.1 per cent). The top five losers of the week are Polychem (36.3 per cent), T.P.L (22.6 per cent), Machino Plastics (22.6 per cent), Gslot Entertainment (21.7 per cent) and Ramco Super Leathers (21.2 per cent).
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