Bourses were buoyant last week with the bulls winning by a 4-1 margin.
The 30-share BSE Sensex ended the week above the 3,300 mark for the first time since February 24, 2003.
The benchmark index gained 122.49 points during the period to close at 3303.24, while the broader Nifty climbed 39.60 points to settle at 1046.40. Gains in technology and old economy stocks lifted the Sensex beyond the 3200 mark on Monday.
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The markets, however, declined on Tuesday on profit-booking and worries over a delayed monsoon, before embarking on a buying spree for the rest of the week.
Technology majors had a good week on the back of sustained gains in the US markets. The BSE IT Index gained 83.78 points during the week to close at 1050.28.
Heavyweight counters were in the limelight towards the latter part of the week. Banking scrips bounced back after easing off earlier in the week following the finance ministry's clarification that it was yet to decide on the pricing mechanism for return of a part of the Centre's equity by state-run banks.
Positive news on the monsoon front had FMCG scrips rallying late in the week. FIIs remained net buyers
DR REDDY
Last Week Close Rs 970.98
Previous Week Close Rs 890.73
Weekly High Rs 970.98
Weekly low Rs 893.10
Last week Avg Turnover Rs 21.62 crore
Previous week Avg Turnover Rs 18.33 crore
Future close 965.80,964.00,NT
Number of up/down moves 5/0
Dr Reddy's Laboratories advanced nine per cent last week to close at Rs 870.73. The weekly turnover at the bourses also reported a jump by 17.92 per cent to Rs 21.62 crore.
Though the company posted a net profit of Rs 119.59 crore for the quarter ended March 31, 2003, up 18 per cent y-o-y, the net profit for FY03 declined 14 per cent to Rs 392.09 crore.
Total income (net of excise) of the pharma major increased from Rs 403.12 crore in the March 2002 quarter to Rs 414.35 crore in the quarter ended March 31, 2003, whereas it rose to Rs 1,580.3 crore for FY03 as compared to Rs 1,572.66 crore in FY02.
Dr Reddy's is likely to launch amlodipine maleate in the US market this year, in line with the company's earlier guidance.
HERO HONDA
Last Week Close Rs 233.85
Previous Week Close Rs 213.70
Weekly High Rs 234.03
Weekly low Rs 223.25
Last week Avg Turnover Rs 17.92 crore
Previous week Avg Turnover Rs 22.28 crore
Future close 232.60,222.60,217.00
Number of up/down moves 3/2
Hero Honda surged 9.42 per cent last week to settle at Rs 213.70. However, this came on the back of a 19.57 per cent drop in average weekly turnover at Rs 17.92 crore.
The Munjal-owned auto major reported a 12.3 per cent rise in its motorcycle sales in May 2003 at 1,63,579 units compared with that in the previous corresponding month. The rise in sales is attributed to the company's recently launched CD-Dawn model.
Hero Honda's market share in the motorcycle segment for fiscal 2002-03 was at 44 per cent, while the same in the two-wheeler category stood at 33 per cent.
On May 31, Hero Honda unveiled the country's first premium sports motorcycle, Karizma, in Mumbai.
LARSEN & TOUBRO
Last Week Close Rs 216.58
Previous Week Close Rs 222.50
Weekly High Rs 226.55
Weekly low Rs 216.28
Last week Avg Turnover Rs 14.80 crore
Previous week Avg Turnover Rs 32.14crore
Future close 218.05,213.20,NT
Number of up/down moves 2/3
Larsen & Toubro was among the leading declines of last week, closing at Rs 216.58, down 2.66 per cent. The counter also reported a big drop in turnovers by nearly 54 per cent to Rs 14.80 crore.
The company's cement production in May fell to 1.05 million tonnes, while the dispatches rose 7 per cent to 1.07 million tonnes from the year-ago period.
Higher contribution from engineering and construction (E&C) and electrical & electronics (E&E) divisions, coupled with lower interest cost, helped L&T report an impressive 25 per cent rise in net profit for FY03.
For financial year 2002-03, L&T's net profit stood at Rs 433.1 crore compared with Rs 346.8 crore for the fiscal year ended March 31, 2002. Net sales increased from Rs 7,725.66 crore in 2001-02 to Rs 9,360.12 crore in the year ended March 31, 2003.
The company's board recommended a final dividend of Rs 7.50 per share for the year ended March 31, 2003.
COLGATE
Last Week Close Rs 147.83
Previous Week Close Rs 132.53
Weekly High Rs 147.83
Weekly low Rs 132.50
Last week Avg Turnover Rs 4.66 crore
Previous week Avg Turnover Rs 1.14 crore
Future close NT
Number of up/down moves 3/1
Colgate's price witnessed a steep rise last week. The scrip rose by 11.55 per cent during the week on the back of a 308.65 per cent rise in volumes. The rise in price is attributed to a speculative interest that is building up in the stock.
The company had earlier declared an interim dividend of 20 per cent, ahead of its results that are yet to be declared. The record date for the dividend pay-out is June 10.
However, the market expects that the company will match its dividend pay-out when it declares its results for the year ended March 31, 2003. It is expected that the company will declare another 20 per cent dividend.
Another speculation that is doing the rounds is that the company will undertake a buy-back of its shares.
ASK Raymond James has reiterated its buy rating on the stock citing free cash generation and the company's leadership in oral-care segment.
TATA ENGINEERING
Last Week Close Rs 181.25
Previous Week Close Rs 171.63
Weekly High Rs 182.00
Weekly low Rs 172.08
Last week Avg Turnover Rs 52.64 Crore
Previous week Avg Turnover Rs 70.75 crore
Future close 181.95,178.75,NT
Number of up/down moves 3/2
The stock price of Tata Engineering rose 5.61 per cent last week on the back of renewed FII support to the stock.
On Thursday, the stock had hit a three year high of Rs 182.70 in intra-day buying on the Bombay Stock Exchange.
However, the turnover in the stock declined by 25.59 per cent for the week. In the last one month, the stock has gained 19 per cent. The company also came back to the black in fiscal 2003. It is expected that the company's commercial vehicles segment will witness a good increase in demand.
Various cost cutting measures have saved the company close to Rs 1000 crore. Aurebach Grayson has issued a buy on the stock, citing a sustained momentum in sales growth.
RELIANCE
Last Week Close Rs 313.35
Previous Week Close Rs 298.78
Weekly High Rs 313.35
Weekly low Rs 292.03
Last week Avg Turnover Rs 211.26 crore
Previous week Avg Turnover Rs 177.66 crore
Future close 313.55,314.55,NT
Number of up/down moves 3/2
Shares of Reliance Industries rose to a new 52-week high of Rs 314.45 and ended 3.5 per cent higher on Thursday following reports that the company will be raising the estimates of the gas discovered in Andhra Pradesh.
For the week, the stock gained close to 5 per cent from its previous weekly close.
In the last one month, the stock price appreciated by around 19 per cent to its current levels. The rise in estimates of its gas reserves is expected to be announced at the company's general meeting scheduled to be held on June 16, 2003.
ZEE TELEFILMS
Last Week Close Rs 92.68
Previous Week Close Rs 85.55
Weekly High Rs 92.68
Weekly low Rs 79.83
Last week Avg Turnover Rs 121.99 crore
Previous week Avg Turnover Rs 69.39 crore
Future close NA
Number of up/down moves 3/2
Shares of Zee Telefilms surged over 8 per cent for the second day in a row on Friday wherein there was an overall bullishness across the media sector, and almost all media stocks clocked gains. Over 1.60 crore shares of the stock changed hands at the counter on the NSE that day.
For the week, the scrip gained 8.3 per cent and saw a 73 per cent jump in its weekly average turnover. Zee has decided to launch three new systems as a part of its bouquet for the conditional access system in an attempt to rope in more viewers.
The three channels planned by the company will be free-to-air, taking the total number of free-to-air channels in the Zee-Turner bouquet to six.
NIIT
Last Week Close Rs 138.40
Previous Week Close Rs 118.60
Weekly High Rs 138.40
Weekly low Rs 121.88
Last week Avg Turnover Rs 46.31 crore
Previous week Avg Turnover Rs 16.22 crore
Future close 139.20,138.90,NT
Number of up/down moves 4/1
Shares of NIIT were on the upswing last week after the company announced that it teamed up with a US firm to provide application development and maintenance services.
On Thursday, the scrip shot up by 12.38 per cent at the BSE on combined volumes of approximately 50 lakh shares on both exchanges.
NIIT announced that it entered into a $10-million, five-year agreement with Thrivent Financial in the US to provide application development and maintenance services for a select group of existing systems.
The scrip spurted by almost 17 per cent in the course of the week. The weekly average turnover in the scrip rocketed by 185 per cent to Rs 46.31 crore from its normal weekly average turnover of Rs 16.22 crore.
HCL TECHNOLOGIES
Last Week Close Rs 144.85
Previous Week Close Rs 123.43
Weekly High Rs 144.85
Weekly low Rs 127.15
Last week Avg Turnover Rs 38.44 crore
Previous week Avg Turnover Rs 23.18 crore
Future close 145.30,146.00,NT
Number of up/down moves 5/0
Shares of HCL Tech spurted over 17 per cent last week with the weekly average turnover jumping by over 65 per cent. The scrip rose by over 5 per cent on Thursday on market buzz that the company has received an overseas order.
However, the company later on informed the Bombay Stock Exchange that the company had allotted shares under ESOP on May 02, 2003, and since then the company has not made any announcement nor issued any press release.
The scrip had recovered by nearly 23.07 per cent from a recent low of Rs 117.65 touched on 26 May 2003.
SUN PHARMA
Last Week Close 337.33
Previous Week Close 296.23
Weekly High 337.33
Weekly low 306.33
Last week Avg Turnover 286.53
Previous week Avg Turnover 487.10
Future close NT
Number of up/down moves 5/0
Sun Pharma was among the leading gainers of last week, with the scrip moving up by 13.87 per cent to Rs 337.33.
However, the average weekly turnover was down 41.16 per cent to Rs 2.86 crore as compared to the previous week.
The company posted a net profit of Rs 74.17 crore for the fourth quarter ended March 31, 2003, which is 83.72 per cent higher compared to the net profit of Rs 40.37 crore for the quarter ended March 31, 2002.
The board had also recommended payment of dividend at 100 per cent on the equity shares of the company for the year ended March 31, 2003.
Small & mid-cap movers
SRI ADHIKARI
Last Week Close Rs 81.60
Previous Week Close Rs 62.20
Weekly High Rs 81.60
Weekly low Rs 62.95
Last week Avg Turnover Rs 3.75 crore
Previous week Avg Turnover Rs 0.41 crore
Future close NA
Number of up/down moves 3/2
Sri Adhikari Brothers surged 31.19 per cent last week to close at Rs 81.60. The weekly turnover was also at a high at Rs 1.19 crore, a whopping 559.38 per cent jump from the previous week.
The upsurge in the scrip price has been part of a rally at media counters on bargain hunting, ahead of the implementation of conditional access system (CAS) in the four metros from July 14.
According to media analysts, a proper implementation of CAS could lead to a near 100 per cent deceleration by LCOs in the next 18-24 months.
This means an exponential jump in pay revenues for broadcasters such as Sri Adhikari Bros, apart from Zee Tele, Television 18 and ETC Networks among the listed companies.
PUNJAB NATIONAL BANK
Last Week Close Rs 151.15
Previous Week Close Rs 179.05
Weekly High Rs 160.60
Weekly low Rs 143.25
Last week Avg Turnover Rs 160.91 crore
Previous week Avg Turnover Rs 231.72 crore
Future close NA
Number of up/down moves 2/3
The uncertainty regarding the price at which the government would accept the return of capital from banks has led to a fall in the share price of Punjab National Bank.
The stock touched Rs 151.15, down 15.58 per cent from Rs 179.05 per cent the previous week.
Last month, the stock had touched an all time high of Rs 196. The bank has indicated that it seeks to return capital to the government at Rs 21. The bank is fundamentally sound. Its cost of funds is one of the lowest among public sector banks.
Week