| The start of the week was marred by liquidity concerns which gave way to all-round selling as investors disinvested in the secondary markets to put money in the government's public offerings. |
| Old economy bellwethers held their ground on Tuesday, resulting in a small gain, but the next two trading sessions were a nightmare. |
| After losing 116 points on Wednesday, the markets ended at the year's lowest close on Thursday, marked by massive selling in the final hour due to expiry of February contracts. |
| Bargain-hunting emerged on Friday but it was late. The Sensex ended 183.21 points lower for the week. The Nifty 52.65 points lower at 1800. |
| RELIANCE ENERGY Last week's close (Rs) 742.65 Prev. week's close (Rs) 656.23 Week's high (Rs) 745.25 Week's low (Rs) 653.00 Last week's ave. daily turnover (Rs cr) 112.01 Prev. week's ave. daily turnover (Rs cr) 52.32 Futures close Mar-2004 (Rs) 740.25 Futures close Apr-2004 (Rs) 0.00 Futures close May-2004 (Rs) 0.00 Number of up/down moves 4/1 |
| Reliance Energy (erstwhile BSES) sustained its upward trend at the bourses. The scrip gained a commendable 13 per cent. |
| Volumes, too, recorded a 100 per cent rise as players rushed to pick up the stock at attractive levels. There have been reports of two foreign funds - US-based Capital International and Sloane Robinson - buying Reliance Energy shares as a part of the company's preferential-allotment plan. |
| The company's takeover by Reliance Industries coupled with the reforms in the power sector have helped the scrip appreciate of late. The stock also trades near its life-time high. |
| GAIL Last week's close (Rs) 202.00 Prev. week's close (Rs) 222.53 Week's high (Rs) 225.38 Week's low (Rs) 195.00 Last week's ave. daily turnover (Rs cr) 191.63 Prev. week's ave. daily turnover (Rs cr) 193.29 Futures close Mar-2004 (Rs) 203.20 Futures close Apr-2004 (Rs) 203.75 Futures close May-2004 (Rs) 0.00 Number of up/down moves 3/2 |
| GAIL was one of the major losers at the bourses last week. The weakness was due to sustained buying pressure from all counters. Players rushed in to book profits ahead of the company's public issue. |
| Market sources say a few major foreign funds have been active on the selling counter. The higher-than-expected price of Rs 185 for the issue pulled the stock down. |
| The government owns a 67 per cent stake in the company, which also enjoys a monopoly in India. The public issue will involve a 10 per cent offer of government holdings in the company. |
| L&T Last week's close (Rs) 562.93 Prev. week's close (Rs) 542.35 Week's high (Rs) 569.95 Week's low (Rs) 518.00 Last week's ave. daily turnover (Rs cr) 149.33 Prev. week's ave. daily turnover (Rs cr) 150.47 Futures close Mar-2004 (Rs) 565.20 Futures close Apr-2004 (Rs) 0.00 Futures close May-2004 (Rs) 0.00 Number of up/down moves 3/2 |
| L&T appreciated further on the back of news that the company had received an order worth Rs 1,000 crore from oil major ONGC. |
| The scrip recorded an increase of around 4 per cent last week amidst a shaky market. The scrip price was volatile over the whole week with movements of over 70 points. |
| Volumes, however, remained subdued. Restructuring of the company's operations (de-merger of its cement business) and a healthy order-book position have boosted the stock in the last few months. |
| ONGC Last week's close (Rs) 719.00 Prev. week's close (Rs) 745.63 Week's high (Rs) 754.05 Week's low (Rs) 665.15 Last week's ave. daily turnover (Rs cr) 139.83 Prev. week's ave. daily turnover (Rs cr) 169.87 Futures close Mar-2004 (Rs) 720.45 Futures close Apr-2004 (Rs) 714.50 Futures close May-2004 (Rs) 0.00 Number of up/down moves 2/3 |
| ONGC remained subdued last week. The market seems to be selling shares ahead of the company's public issue. |
| The government is offloading 10 per cent of its holdings at a price which will be announced a day before the issue (issue opens March 5, 2004). |
| The company's major business moves seem to be going unnoticed by the markets. ONGC will pick up a 26 per cent stake in BPCL's proposed 6-million-tonne refinery at Bina, Madhya Pradesh. It also has government approval to set up 1,100 petrol stations across the country. |
| TATA STEEL Last week's close (Rs) 428.53 Prev. week's close (Rs) 440.40 Week's high (Rs) 450.65 Week's low (Rs) 411.58 Last week's ave. daily turnover (Rs cr) 697.92 Prev. week's ave. daily turnover (Rs cr) 691.98 Futures close Mar-2004 (Rs) 430.55 Futures close Apr-2004 (Rs) 419.40 Futures close May-2004 (Rs) 0.00 Number of up/down moves 2/3 |
| Tata Steel lost ground at the bourses last week, registering a 3 per cent decline in its stock price. Volumes declined close to 10 per cent. Players seemed to be in a dilemma regarding the stock, some sources say. |
| Tata Steel has risen close to 185 per cent this year from levels of Rs 150. Domestic steel manufacturers of hot-rolled coil (HRC) have raised prices following an increase in input costs. |
| Analysts say there could be a further increase in prices, led by a shortage in steel supply in the global market. |
| DR REDDY'S LABS Last week's close (Rs) 1240.45 Prev. week's close (Rs) 1199.00 Week's high (Rs) 1274.30 Week's low (Rs) 1197.63 Last week's ave. daily turnover (Rs cr) 34.56 Prev. week's ave. daily turnover (Rs cr) 54.07 Futures close Mar-2004 (Rs) 1241.95 Futures close Apr-2004 (Rs) 0.00 Futures close May-2004 (Rs) 0.00 Number of up/down moves 3/2 |
| Dr Reddy's Labs gained ground last week to close with a 3.4 per cent gain over its previous weekly close. |
| Though DRL announced US Food and Drug Administration (FDA) filing to market amlodipine besylate tablets - a generic form of Pfizer's Norvasc anti-hypertension drug - after trading hours on Tuesday, the share rose 2.6 per cent during the day to Rs 1,241.90 as the market probably got an inkling of the filing. |
| DRL witnessed a sustained fall in the last few days after the US FDA said earlier this month that it would stay the approval on DRL's anti-hypertension drug AmVaz. |
| From a recent high of Rs 1,433.70 on January 29, 2004, the stock lost 16.2 per cent in a few days to hit a recent low of Rs 1,200.60 on February 20, 2004. DRL has been restructuring its product portfolio, weeding out low-margin products and drugs under price control. |
| BAJAJ AUTO Last week's close (Rs) 906.08 Prev. week's close (Rs) 915.83 Week's high (Rs) 952.03 Week's low (Rs) 854.53 Last week's ave. daily turnover (Rs cr) 45.78 Prev. week's ave. daily turnover (Rs cr) 46.67 Futures close Mar-2004 (Rs) 910.50 Futures close Apr-2004 (Rs) 900.00 Futures close May-2004 (Rs) 0.00 Number of up/down moves 2/3 |
| Bajaj Auto was extremely volatile last week. The scrip took a hit in the earlier part of the week but recovered in the last few sessions to end the week just 1 per cent lower than its previous weekly close. |
| It recovered on value buying by market participants at lower levels, say market analysts. More than 2.09 lakh shares changed hands at the BSE on Thursday. |
| Analyst say the counter was back in action after recent churning of portfolios with Hero Honda for the last few days by mutual funds and other institutional investors. |
| In the preceding six trading sessions, the stock has witnessed a sharp fall and has lost nearly 32 per cent from its all-time high of Rs 1,200 on December 23, 2003. |
| The company has deferred plans regarding demerger of its investments into an asset-managemant firm. It said that demerger, or vertical split of the assets of the company is one such plan, which has been put off for the time being. |
| STATE BANK OF INDIA Last week's close (Rs) 584.90 Prev. week's close (Rs) 604.18 Week's high (Rs) 629.93 Week's low (Rs) 566.85 Last week's ave. daily turnover (Rs cr) 469.66 Prev. week's ave. daily turnover (Rs cr) 479.28 Futures close Mar-2004 (Rs) 588.75 Futures close Apr-2004 (Rs) 585.50 Futures close May-2004 (Rs) 0.00 Number of up/down moves 2/3 |
| SBI was subdued at the bourses last week and ended with a 3.12 per cent loss over its previous weekly close. |
| However, the stock saw value buying mid-week and touched a high of Rs 609. It gained Rs 20.50 to close at Rs 607.15 with more than 28.8 lakh shares changing hands at the BSE. |
| Analysts attribute buying at the counter to the low valuations at current levels. The stock had witnessed substantial selling pressure over the past few days with the prices falling from a high of Rs 640.85 on February 18, 2004, to the present levels of Rs 580. |
| In the last one month, the SBI stock has been very volatile and has lost 16 per cent from a high of Rs 689.20 on January 15, 2004. |
| However, analysts say the banking sector looks bullish with the economy expected to grow at 8 per cent and credit offtakes bound to rise in the next two quarters. |
| Stock of the week |
| VSNL Last week's close (Rs) 188.20 Prev. week's close (Rs) 161.25 Week's high (Rs) 189.50 Week's low (Rs) 161.40 Last week's ave. daily turnover (Rs cr) 14.26 Prev. week's ave. daily turnover (Rs cr) 4.32 Futures close NT Number of up/down moves 4/1 |
| VSNL was in the limelight last week as it surged 17 per cent in an otherwise choppy market. Volumes, too, recorded a remarkable 200 per cent increase as market players evinced interest in the scrip. |
| The attraction was mainly on the back of a sharp rise in the company's ADR on the New York Stock Exchange. Market sources say players took the arbitrage opportunity as the stock was trading at a discount in the Indian markets. |
| The counter witnessed aggressive buying by FIIs, sources say. VSNL has not been too much of a favourite among market players with increasing competition for the company after the government announced reforms in the telecom sector. |
| RECAP: ALEMBIC The scrip lost almost 4 per cent to Rs 492.45. |
| Stock to watch |
| ITC Last week's close (Rs) 1100.00 Prev. week's close (Rs) 1092.95 Week's high (Rs) 1125.48 Week's low (Rs) 1039.50 Last week's ave. daily turnover (Rs cr) 45.86 Prev. week's ave. daily turnover (Rs cr) 66.66 Futures close Mar-2004 (Rs) 1099.25 Futures close Apr-2004 (Rs) 0.00 Futures close May-2004 (Rs) 0.00 Number of up/down moves 3/2 |
| ITC witnessed a mixed trend last week and managed to just squirm into the positive territory to end marginally higher than its previous weekly close. |
| The stock recovered on Thursday after falling 3.8 per cent on Wednesday in a weak market. The scrip has witnessed a sharp surge over the past few months, up from Rs 611.20 on March 24, 2003. |
| "ITC is a good stock to bet on for one who wants to take a call on the cigarette and paper business," says a dealer with a local brokerage. |
| Some believe that ITC is benefiting from the shift in the FMCG sector where investors are moving out of FMCG major Hindustan Lever (HLL). |
| RECAP: RALLIS INDIA The scrip slipped almost 6.5 per cent to touch Rs 92.15. |
| Mid-cap mover |
| DREDGING CORP Last week's close (Rs) 475.55 Prev. week's close (Rs) 524.13 Week's high (Rs) 568.00 Week's low (Rs) 439.25 Last week's ave. daily turnover (Rs cr) 0.91 Prev. week's ave. daily turnover (Rs cr) 0.34 Futures close NT Number of up/down moves 4/1 |
| Dredging Corp was hammered down a day before its public issue hit the market. The scrip lost close to 9 per cent over its previous weekly close. |
| On Wednesday, the stock ended Rs 67 lower than its previous close at the BSE. The counter witnessed volumes of 20,997 shares at the BSE. The government, on Tuesday, fixed a price band of Rs 385-400 for the sale of its stake in the company. |
| Retail investors will be offered a 5 per cent discount on the price discovered via a book-building process. The government is selling about 56 lakh shares, constituting 20 per cent of the company's equity. |
| RECAP: DIVI'S LABS The scrip gained almost 9 per cent last week to close at Rs 1921.65. |
| Small-cap mover |
| ABBOTT INDIA Last week's close (Rs) 462.40 Prev. week's close (Rs) 432.95 Week's high (Rs) 483.50 Week's low (Rs) 435.15 Last week's ave. daily turnover (Rs cr) 1.25 Prev. week's ave. daily turnover (Rs cr) 0.30 Futures close NT Number of up/down moves 3/2 |
| Abbott India was a gainer last week as positive news of a liberal dividend lifted it almost 7 per cent over its previous weekly close. On Wednesday the company recommended a dividend of Rs 35 per share. |
| The stock, as a result, gained Rs 21 to close at Rs 461.20, before touching the day's high of Rs 483.50, against its previous close of Rs 440.35. More than 65,000 shares changed hands at the counter at the BSE. |
| The stock has surged in the preceding sessions ahead of the announcement of results. From a recent low of Rs 390.55 on February 3, 2004, the scrip surged nearly 23 per cent to Wednesday's high of Rs 483.50. The Abbott India share has a face value of Rs 10. |
| RECAP: STERLING BIOTECH The scrip slipped by 2.7 per cent to end at Rs 124.40. |
| 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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