The Hindu Business Line : India Nippon up on good numbers

LIC Housing Finance (Rs 127): On the back of market expectations that some foreign housing finance companies would shortly seek entry into India by picking up stake in local finance companies, the stock price of LIC Housing Finance surged 17.3 per cent this week.

Grasim Industries (Rs 455): The stock price of Grasim Industries surged 16.6 per cent. This week, the company entered into an agreement with Larsen & Toubro, whereby Grasim Industries will acquire controlling stake in the cement business of L&T.

India Nippon (Rs 246): For the year ending March 2003, the company's net profit has grown by 57.2 per cent to Rs 27.7 crore. The company has recommended a dividend of Rs 8.5 per share. The stock was up 13.3 per cent this week.

BSES (Rs 296): Driven by the power sector reforms the stock price of BSES (Reliance Energy) has appreciated by 12.9 per cent this week. The company has also announced that its plant was working at over 100 per cent capacity. The stock continues to remain in limelight since the beginning of this fortnight.

Indian Hotels (Rs 248): Indian Hotels registered a sharp jump in the net profits, to the tune of 1.7 fold for the quarter ending March 2003. The company has also recommended a dividend of 70 per cent for the financial year 2002-03. The stock price was up this week by 12.1 per cent.

Digital GlobalSoft (Rs 428): Software major, Digital GlobalSoft has provided an optimistic future revenue outlook for the forthcoming year. On the back of this news, the stock was up 11.2 per cent this week.

VSNL (Rs 116): The stock of VSNL appreciated this week by 10.9 per cent, on the back of the agreement signed by the six cellular operators (part of the MobileFirst Alliance) to make VSNL its preferred carrier for routing international long distance calls made by their subscribers.

Nestle (Rs 568): Nestle appreciated by 6 per cent this week. The company's Swiss parent (Nestle SA) appears to be buying its shares through the creeping acquisition route.

Blue Star Infotech (Rs 134): The increase in the stock price to the tune of 5.3 per cent this week has been triggered by a $2 million software development order bagged by the company from a Hitachi subsidiary.

State Bank of India (Rs 359): For the year ending March 2003, the bank has recorded 27.7 per cent growth to its net profit. The company has also recommended a dividend of 85 per cent. The stock was up 3.5 per cent this week.

Top gainers and losers

The top five gainers of the week are Monnet Ispat (57.3 per cent), VST Tillers Tractors (57.1 per cent), SPBL (54.5 per cent), Borax Morarji (53.5 per cent) and Victoria Mills (52.4 per cent). The top five losers of the week are Kwality Dairy (33.5 per cent), Mount Shivalik Industries (27.7 per cent), Central Provinces Railways (24.9 per cent), Ramco Super (21.8 per cent) and Emami (18.6 per cent).

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