| The Nifty ended the week 60.95 points down at 1852.65. Markets witnessed a mild start to the week as indices ended almost unchanged on Monday. Gains in old economy counters lifted the indices on Tuesday even as HLL slipped after posting disappointing results. |
| Profit-booking forced the markets to end Wednesday with losses, though PSU counters saw buying interest ahead of the sale of the government stake in IPCL and CMC. |
| The bourses witnessed a blood bath on Thursday as investors booked profits ahead of the public issues. IT scrips were also hammered on reports that the US has stopped issuing new H1-B visas till October 2004. |
| ICICI BANK Last week's close (Rs) 297.18 Prev. week's close (Rs) 311.20 Week's high (Rs) 320.95 Week's low (Rs) 293.25 Last week's ave. daily turnover (Rs cr) 102.02 Prev. week's ave. daily turnover (Rs cr) 325.84 Futures close Feb-2004 (Rs) 297.40 Futures close Mar-2004 (Rs) 299.65 Futures close Apr-2004 (Rs) 0.00 Number of up/down moves 2/3 |
| ICICI Bank, India's leading private sector bank, saw a lacklustre week at the bourses with the stock price recording a decrease of 4.7 per cent. |
| Market sources say the counter has been very volatile since the bank has announced that it is planning a public issue at Rs 350 per share. |
| During the week, the stock swung 30 points between its high and low. Volumes recorded a decline of 67.2 per cent on the counter. |
| Reports suggest that Temasek Holdings, an investment arm of the government of Singapore, increased its holding in the bank to 7.3 per cent from 6.7 per cent. Temasek Holdings is said to have acquired 34.1 lakh shares last week from the open market for Rs 115 crore. |
| TATA POWER Last week's close (Rs) 373.05 Prev. week's close (Rs) 394.85 Week's high (Rs) 403.20 Week's low (Rs) 363.05 Last week's ave. daily turnover (Rs cr) 163.89 Prev. week's ave. daily turnover (Rs cr) 115.97 Futures close Feb-2004 (Rs) 372.80 Futures close Mar-2004 (Rs) 373.90 Futures close Apr-2004 (Rs) 0.00 Number of up/down moves 1/4 |
| Tata Power took a beating at the bourses last week as players sold at levels of Rs 400. The scrip had witnessed buying on reports that the company is close to selling its broadband division to another group company, VSNL. |
| Analysts say its exit from the broad-band business would mean the company would focus on its core power transmission and power systems business. |
| Volumes surged 40 per cent amidst selling pressure. According to sources, over the past few months, foreign institutional investors (FIIs) have been accumulating the stock, with the revival process of the power sector in place after the passing of the Electricity Act, 2003. |
| HERO HONDA Last week's close (Rs) 512.58 Prev. week's close (Rs) 500.80 Week's high (Rs) 519.33 Week's low (Rs) 485.75 Last week's ave. daily turnover (Rs cr) 57.69 Prev. week's ave. daily turnover (Rs cr) 82.37 Futures close Feb-2004 (Rs) 513.80 Futures close Mar-2004 (Rs) 520.05 Futures close Apr-2004 (Rs) 0.00 Number of up/down moves 3/2 |
| Hero Honda was one of the few stocks that witnessed gains last week in spite of a range-bound market. The scrip price registered an increase of 2.4 per cent amidst highly volatile trading sessions. The price band moved 34 points between its weekly high and low. |
| Volumes, however, declined 30 per cent. According to market sources, selected mutual funds were buying the scrip at Rs 500 levels. |
| Hero Honda has been witnessing active buying for the last couple of days on back of rumours that the company is planning a bonus issue. Meanwhile, during last week's trading sessions, the stock hit an all-time high of Rs 519.33. |
| INFOSYS Last week's close (Rs) 5075.58 Prev. week's close (Rs) 5376.80 Week's high (Rs) 5462.50 Week's low (Rs) 5013.00 Last week's ave. daily turnover (Rs cr) 384.15 Prev. week's ave. daily turnover (Rs cr) 456.85 Futures close Feb-2004 (Rs) 5073.00 Futures close Mar-2004 (Rs) 5104.05 Futures close Apr-2004 (Rs) 0.00 Number of up/down moves 1/4 |
| Infosys Technologies was among the big losers on Thursday on the back of aggressive fund-based selling. It lost Rs 255 in Thursday's trading with 2,48,000 shares changing hands at the BSE. |
| Equity dealers say three leading foreign institutional investors have turned active sellers at the counter and booked profits for most of the week. |
| The stock, as a result, spiralled lower by 5.8 per cent over its previous weekly close. Analysts attribute the drop in the stock price to the weakness in the overall market. |
| In fact, there were reports that BT (formerly British Telecom) and Infosys signed a licensing and advanced-development deal that will provide BT with an automated resource management system (ARMS) and enable Infosys to provide its clients with advanced and effective field force resource-management technology and solutions. |
| SATYAM Last week's close (Rs) 310.80 Prev. week's close (Rs) 338.00 Week's high (Rs) 346.70 Week's low (Rs) 302.23 Last week's ave. daily turnover (Rs cr) 573.51 Prev. week's ave. daily turnover (Rs cr) 506.58 Futures close Feb-2004 (Rs) 309.90 Futures close Mar-2004 (Rs) 311.50 Futures close Apr-2004 (Rs) 0.00 Number of up/down moves 1/4 |
| Satyam was another casualty in the IT massacre last week with the scrip shaving off 8.3 per cent from its previous weekly close. It lost as much as 6.52 per cent on Thursday's trading session amid negative news flow regarding the IT sector. |
| Technology scrips were hammered as the markets fretted over the possibility of greater pressure in the US to stop outsourcing jobs to India. |
| Meanwhile, a section of equity dealers attributed the weakness in overall IT stocks to the US government's decision to stop further issuance of H1-B visas till October 2004. |
| WIPRO Last week's close (Rs) 1509.23 Prev. week's close (Rs) 1626.60 Week's high (Rs) 1660.55 Week's low (Rs) 1454.40 Last week's ave. daily turnover (Rs cr) 105.98 Prev. week's ave. daily turnover (Rs cr) 100.52 Futures close Feb-2004 (Rs) 1503.80 Futures close Mar-2004 (Rs) 1515.35 Futures close Apr-2004 (Rs) 0.00 Number of up/down moves 1/4 |
| The weakness in IT stocks took its toll on Wipro which ended 7.5 per cent lower over its previous weekly close despite positive news flow about the stock on Wednesday. |
| The company bagged an outsourcing deal in the insurance space from Aviva Plc. Billing is expected to start from the current quarter. |
| Though the quantum of money involved has not been disclosed, the company has entered into a wide-range of service applications involving development, maintenance, package implementation and infrastructure management. |
| Wipro has already opened an offshore development centre for Aviva. Wipro Technologies has over 1,200 people working in the insurance vertical and extensively engages domain specialists to serve over a dozen global customers |
| HLL Last week's close (Rs) 179.23 Prev. week's close (Rs) 203.03 Week's high (Rs) 205.38 Week's low (Rs) 178.05 Last week's ave. daily turnover (Rs cr) 83.93 Prev. week's ave. daily turnover (Rs cr) 53.22 Futures close Feb-2004 (Rs) 179.35 Futures close Mar-2004 (Rs) 180.45 Futures close Apr-2004 (Rs) 0.00 Number of up/down moves 0/5 |
| Hindustan Lever was depressed at the bourses last week after posting results that were below market expectations. The stock was hammered over the week, closing almost 12 per cent lower than its previous weekly close. |
| The company posted a net profit of Rs 494.72 crore for the quarter ended December 31, 2003, an increase of 3 per cent compared to Rs 480.57 crore for the same quarter last year. Total income decreased marginally to Rs 2684.53 crore in Q4 (December 2003) from Rs 2735.22 crore in Q4 of 2002. |
| Analysts say margins are expected to remain under pressure and earnings growth would still be in single digits going forward. They say HLL still trades at around 20 times estimated CY04 earnings which is pretty expensive given the actual performance. |
| MAHINDRA & MAHINDRA Last week's close (Rs) 491.25 Prev. week's close (Rs) 463.28 Week's high (Rs) 505.70 Week's low (Rs) 460.10 Last week's ave. daily turnover (Rs cr) 299.17 Prev. week's ave. daily turnover (Rs cr) 194.00 Futures close Feb-2004 (Rs) 490.70 Futures close Mar-2004 (Rs) 492.35 Futures close Apr-2004 (Rs) 0.00 Number of up/down moves 4/1 |
| Mahindra & Mahindra gained 5.86 per cent last week before closing at Rs 490.45. Auto stocks were in the limelight with Maruti and M&M hitting an all-time high in Monday's trade. |
| According to Auto analysts, the entire auto sector looks attractive with strong domestic sales and rising exports expected to continue for the next two quarters. |
| M&M has witnessed more than a 20 per cent jump in share prices in just last one month. The company, with annual revenues in excess of $1 billion, is planning to mark its presence in the information technology space. |
| It recently acquired the US-based Bristlecone Inc, a provider of enterprise resource planning (ERP) and supply chain management (SCM) solutions. |
| Stock of the week |
| IPCL Last week's close (Rs) 196.00 Prev. week's close (Rs) 183.45 Week's high (Rs) 200.60 Week's low (Rs) 179.25 Last week's ave. daily turnover (Rs cr) 105.24 Prev. week's ave. daily turnover (Rs cr) 36.76 Futures close Feb-2004 (Rs) 195.55 Futures close Mar-2004 (Rs) 195.80 Futures close Apr-2004 (Rs) 0.00 Number of up/down moves 4/1 |
| IPCL was among the major attractions last week when its public issue opened. The scrip gained 6.67 per cent to close the week at Rs 195.70. The offer opened on February 20, 2004, and will close on February 27. |
| The issue was oversubscribed by about 1.2 times on the first day itself. The government has set a floor price of Rs 170 per share for the sale of its 33.9 per cent residual stake in IPCL. Nearly 7.20 crore IPCL shares are on offer. |
| Retail investors will get a 5 per cent discount on the final offer price, which will be determined by a book-building process. Analysts say the floor price of Rs 170 is attractive for retail investors. |
| RECAP: ALEMBIC The stock gained 4.43 per cent last week to close at Rs 512. |
| Stock to watch |
| BHARTI TELE-VENTURES Last week's close (Rs) 153.38 Prev. week's close (Rs) 153.25 Week's high (Rs) 160.60 Week's low (Rs) 150.53 Last week's ave. daily turnover (Rs cr) 80.81 Prev. week's ave. daily turnover (Rs cr) 110.74 Futures close NT Number of up/down moves 3/2 |
| Bharti Tele-Ventures is all set to see a rise as per analysts' forecasts. Last week, however, the stock price has been flat at Rs 153 and is slated to see some action with its inclusion in the S&P CNX Nifty Index from March 1 this year. |
| Market sources said its inclusion in the Nifty means most index funds will buy into the counter. Currently there are 15 index-based schemes that invest in the Nifty. |
| Bharti will replace NIIT in the Nifty. Many funds had been accumulating the stock but it fell from levels of Rs 160. With impressive results for the quarter ended December 31, 2003, and further gains in store, Bharti is set for a long-term ascent. |
| RECAP: RALLIS INDIA The scrip crashed 8.52 per cent last week to settle at Rs 97.75. |
| Mid-cap mover |
| DIVI'S LABS Last week's close (Rs) 1762.50 Prev. week's close (Rs) 1515.88 Week's high (Rs) 1819.03 Week's low (Rs) 1492.10 Last week's ave. daily turnover (Rs cr) 24.90 Prev. week's ave. daily turnover (Rs cr) 5.41 Futures close NT Number of up/down moves 4/1 |
| Divi's Labs rose 16 per cent last week as it witnessed significant buying interest. Rumours of a stock-spilt and a bonus issue raised the scrip in a overall subdued market. |
| However, according to analysts, the rumours have been floating in the market for some time now but nothing has materialised. |
| Sources say another reason for the huge jump in the stock price has been the low floating stock available in the market. Volumes at the counter rose to 20.85 lakh shares from 5.41 lakh. |
| RECAP: IFCI The stock tanked 11.29 per cent before closing at Rs 11. |
| Small-cap mover |
| STERLING BIOTECH Last week's close (Rs) 130.60 Prev. week's close (Rs) 120.15 Week's high (Rs) 139.45 Week's low (Rs) 117.50 Last week's ave. daily turnover (Rs cr) 28.44 Prev. week's ave. daily turnover (Rs cr) 24.19 Futures close NT Number of up/down moves 4/1 |
| Sterling Biotech witnessed buying interest at the bourses last week while the markets headed downwards. |
| The stock hit an all-time high of Rs 139.50 amidst trades on the exchanges. The scrip price recorded an increase of 9 per cent while volumes clocked a 20.4 per cent rise compared to the previous week. |
| Market sources say the counter is active since HSBC Financial Services increased its holdings in the company. |
| HSBC Financial Services acquired additional 6.18 lakh shares of Sterling through the open market on February 9, 2004, taking its total holding to 5.19 per cent of the company's total paid-up equity. |
| RECAP: MANGALAM CEMENTS The stock was down 6.19 per cent last week before ending at Rs 15.92. |
| Week's closing is the average closing price on NSE and BSE on Friday. Weekly high is the average higher of NSE and BSE prices during the week. Week's low is the average lower of NSE and BSE prices. Turnover is based on volumes in both BSE and NSE. NT: Not traded. NA: Not applicable. (Data compiled by BS Research Bureau) |
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