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| The Sensex gained 68.45 points last week to close at 3883.76, a 29-month high, while the Nifty ended 24.60 points higher at 1222.65. |
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| Markets recorded their ninth straight gaining session on Monday, as sentiment remained upbeat on positive quarterly numbers from top corporates and a good monsoon. |
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| However, the rally was to end the next day as heavy selling pressure dragged the markets down. Wednesday saw more of the same, with the Sensex closing below the 3,800 mark. |
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| The index bounced back to breach that level in the next session as buying support returned to the bourses. The last day of the week saw the indices posting big gains on the back of heavy FII buying, with several scrips recording their 52-week highs. |
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| SCI |
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| Last week's close (Rs) 81.93 |
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| Prev. week's close (Rs) 71.35 |
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| Week's high (Rs) 82.50 |
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| Week's low (Rs) 71.25 |
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| Last week's ave. daily turnover (Rs cr) 29.70 |
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| Prev. week's ave. daily turnover (Rs cr) 13.07 |
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| Futures close Aug-2003 (Rs) 82.45 |
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| Futures close Sep-2003 (Rs) 82.80 |
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| Futures close Oct-2003 (Rs) 0.00 |
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| Number of up/down moves 3/2 |
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| Shipping Corporation of India (SCI) was among the top gainers last week, moving up by 14.82 per cent to Rs 81.93. The activity at the counter was mainly on hopes that the government's disinvestment programme will gain momentum, say analysts. |
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| The divestment programme of SCI has been delayed. This led to one of the bidders, G E Shipping opting out of the race a few months ago. |
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| The government holds 80 per cent of SCI's equity and has put up 51 per cent for sale. According to reports, the inter-ministerial group on disinvestment has planned to complete the process of privatisation of the company by offloading the stake to a strategic partner by October 2003. |
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| Last month, the Bombay High Court dismissed a petition filed by the employees association of SCI challenging the government's move to privatise SCI. The petition was rejected as the court said there was no justifiable ground to oppose privatisation of the company. |
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| BHEL |
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| Last week's close (Rs) 293.68 |
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| Prev. week's close (Rs) 263.08 |
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| Week's high (Rs) 297.88 |
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| Week's low (Rs) 260.10 |
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| Last week's ave. daily turnover (Rs cr) 38.04 |
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| Prev. week's ave. daily turnover (Rs cr) 20.73 |
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| Futures close Aug-2003 (Rs) 293.75 |
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| Futures close Sep-2003 (Rs) 292.50 |
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| Futures close Oct-2003 (Rs) 0.00 |
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| Number of up/down moves 4/1 |
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| Bhel rose 11.63 per cent last week. The sentiments at the counter were on a high. The average daily turnover also went up by more than 83 per cent. |
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| The company bagged a Rs 188-crore order from Tata Power Company to set up a 120 mw power plant. As a part of this, the state-run heavy engineering player will set up the captive power plant near Jamshedpur, Jharkhand. |
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| Bhel had recently bagged another order worth Rs 400 crore to set up a 154 mw captive power plant for Hindustan Zinc, for its lead zinc smelter plant at Chittorgarh in Rajasthan. |
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| The company posted a net loss of Rs 11.08 crore for the quarter ended June 30, 2003, compared with a net loss of Rs 48.91 crore for the quarter ended June 30, 2002. Total income increased from Rs 900.48 crore in the June quarter of 2002 to Rs 1,099.67 crore in the quarter ended June 30, 2003. |
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| CIPLA |
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| Last week's close (Rs) 871.68 |
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| Prev. week's close (Rs) 805.83 |
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| Week's high (Rs) 879.00 |
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| Week's low (Rs) 723.00 |
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| Last week's ave. daily turnover (Rs cr) 26.11 |
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| Prev. week's ave. daily turnover (Rs cr) 13.36 |
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| Futures close Aug-2003 (Rs) 867.35 |
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| Futures close Sep-2003 (Rs) 0.00 |
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| Futures close Oct-2003 (Rs) 0.00 |
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| Number of up/down moves 4/1 |
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| Cipla advanced 8.17 per cent last week to close at Rs 871.68. The average weekly turnover also surged by more than 95 per cent during the period. |
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| FIIs were said to be active buyers at the counter on expectations of the launch of the company's version of non-CFC inhalers. The launch has been eagerly awaited by the markets as it is expected to improve the company's financials. Cipla plans to export the inhalers to Europe. Analysts believe that the scrip has good valuations. |
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| The company posted a net profit of Rs 67.20 crore for the first quarter ended June 30, 2003, which is 10.83 per cent higher compared with a net profit of Rs 60.63 crore for the first quarter ended June 30, 2002. |
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| The company's total income rose to Rs 460.91 crore in the June quarter of 2003 from Rs 407.73 crore in the June quarter of 2002. |
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| INFOSYS |
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| Last week's close (Rs) 3557.15 |
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| Prev. week's close (Rs) 3780.53 |
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| Week's high (Rs) 3808.35 |
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| Week's low (Rs) 3465.00 |
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| Last week's ave. daily turnover (Rs cr) 361.92 |
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| Prev. week's ave. daily turnover (Rs cr) 376.73 |
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| Futures close Aug-2003 (Rs) 3577.65 |
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| Futures close Sep-2003 (Rs) 3590.00 |
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| Futures close Oct-2003 (Rs) 0.00 |
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| Number of up/down moves 1/4 |
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| Infosys had a bad run on the bourses last week with the stock shaving off almost 6 per cent from its last weekly close. On Wednesday, the stock dipped more than 4 per cent at the BSE after the Infy ADR listed at the US bourses closed 2.9 per cent lower at $52.60. |
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| However, the stock managed a small reversal on Friday, snapping its four-session losing run, and moved up 2 per cent. More than two lakh shares changed hands on the BSE that day with a turnover of Rs 71 crore. |
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| On Monday, the underwriters to Infosys' sponsored secondary ADR offering exercised the green-shoe option to purchase up to 7,82,000 additional ADSs, representing 3,91,000 equity shares. |
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| Accordingly, the total sponsored secondary ADR offering would rest at 6,000,000 American Depository Shares, representing 3,000,000 equity shares and the total size of the offering is $294 million. |
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| ZEE TELEFILMS |
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| Last week's close (Rs) 115.30 |
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| Prev. week's close (Rs) 118.85 |
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| Week's high (Rs) 118.30 |
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| Week's low (Rs) 108.75 |
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| Last week's ave. daily turnover (Rs cr) 76.17 |
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| Prev. week's ave. daily turnover (Rs cr) 90.19 |
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| Futures close NT |
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| Number of up/down moves 2/3 |
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| Zee slipped by almost 3 per cent from its previous weekly close. The daily average turnover of the scrip witnessed a decline of 15 per cent over its normal daily average turnover. |
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| The scrip had seen a small upmove on Tuesday on reports that the company has got the requisite permission to uplink its services from India instead of Singapore. |
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| The move could bring down the operational inefficiencies and result in significant cost savings to the company. Around 10 lakh shares changed hands at the exchanges combined on Tuesday. |
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| Recently, Delgrada Ltd, Mauritius, the foreign promoter of Zee Telefilms, sold 1,10,00,000 equity shares of Re 1 each of the company. |
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| At the end of the first quarter of current fiscal, Delgrada Ltd's stake in Zee Telefilms stood at 11,12,88,402 shares or 26.98 per cent of the paid-up share capital. |
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| ICICI BANK |
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| Last week's close (Rs) 154.20 |
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| Prev. week's close (Rs) 162.53 |
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| Week's high (Rs) 157.88 |
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| Week's low (Rs) 146.10 |
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| Last week's ave. daily turnover (Rs cr) 29.86 |
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| Prev. week's ave. daily turnover (Rs cr) 29.60 |
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| Futures close Aug-2003 (Rs) 155.60 |
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| Futures close Sep-2003 (Rs) 154.25 |
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| Futures close Oct-2003 (Rs) 0.00 |
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| Number of up/down moves 2/3 |
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| ICICI Bank was trading down last week, amidst news that 800 of its employees had taken voluntary retirement in July. As a result, the stock fell by 4.67 per cent on Monday to touch Rs 155. |
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| In a related development, the bank stated that textile, and iron and steel were the sectors where it had the highest level of NPAs. The asset-liability profile of the company showed some improvement with negative liabilities being reduced in the 14-28 day period. |
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| The traded volume in the stock did not show any major change indicating that the stock may remain range bound. |
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| RELIANCE INDUSTRIES |
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| Last week's close (Rs) 363.40 |
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| Prev. week's close (Rs) 354.83 |
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| Week's high (Rs) 364.53 |
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| Week's low (Rs) 343.30 |
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| Last week's ave. daily turnover (Rs cr) 343.73 |
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| Prev. week's ave. daily turnover (Rs cr) 358.70 |
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| Futures close Aug-2003 (Rs) 365.35 |
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| Futures close Sep-2003 (Rs) 368.00 |
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| Futures close Oct-2003 (Rs) 0.00 |
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| Number of up/down moves 4/1 |
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| RIL ended the week 2.42 per cent higher at Rs 363.40. The company announced plans to launch PCO services in the lucrative high revenues areas of Hyderabad. The service will extend to the rest of Andhra Pradesh later. |
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| The company claims to have around two lakh subscribers in Andhra Pradesh and over 3 million subscribers across India. The company also won the prestigious FIEO awards in recognition of outstanding growth in exports during a financial year. However, the fall in the traded volume indicates that the rise in prices may not be sustainable. |
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| Stock of the week |
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| SAIL |
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| Last week's close (Rs) 26.68 |
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| Prev. week's close (Rs) 23.15 |
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| Week's high (Rs) 26.90 |
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| Week's low (Rs) 23.10 |
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| Last week's ave. daily turnover (Rs cr) 68.93 |
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| Prev. week's ave. daily turnover (Rs cr) 80.18 |
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| Futures close NT |
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| Number of up/down moves 3/2 |
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| SAIL was among the biggest gainers last week, advancing 15.24 per cent to close at Rs 26.68. The scrip surged to a 52-week high on Friday amid reports that the company has hiked prices of long steel products on the back of a sustained domestic demand for construction grade, long products, especially re-rolled bars. |
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| The sentiment at the counter was also boosted by the fact that the stock is to be included in the S&P CNX Nifty Index with effect from August 4, 2003 in place of Nestle. |
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| For the first quarter ended June 30, 2003, SAIL posted a net profit of Rs 254.69 crore against a net loss of Rs 308.86 crore in the corresponding period of the previous year. Net sales went up by 12.15 per cent to Rs 4,274.87 crore from Rs 3,811.88 crore in the June quarter in 2002. |
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| RECAP: MAHINDRA & MAHINDRA |
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| The scrip was range bound last week, gaining 1.09 per cent to close the week at Rs 199.65. |
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| Stock to watch |
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| UNICHEM LABORATORIES |
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| Last week's close (Rs) 223.40 |
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| Prev. week's close (Rs) 214.53 |
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| Week's high (Rs) 232.00 |
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| Week's low (Rs) 201.53 |
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| Last week's ave. daily turnover (Rs cr) 0.67 |
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| Prev. week's ave. daily turnover (Rs cr) 0.74 |
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| Futures close NT |
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| Number of up/down moves 2/3 |
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| Unichem Labs is likely to be in focus after the company entered into an agreement with Tetragon Chemie to sell its animal healthcare division for around Rs 12 crore. The scrip gained 4.13 per cent last week before closing at Rs 223.40. |
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| The animal healthcare division has been engaged in the business of manufacture and distribution of animal healthcare products, with a gross annual turnover of Rs 10.1 crore for the fiscal year ended March 31, 2003. |
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| According to recent reports, the company will take a huge hit on its bottomline, with the Supreme Court overruling a Bombay High Court verdict of August 1, which removed seven scheduled drugs from the ambit of price control. |
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| RECAP: INFOSYS |
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| The scrip shed 5.90 per cent to close at Rs 3557.15. The stock had been in the focus last fortnight, following the listing of the company's sponsored ADSson the Nasdaq. |
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| Mid-cap mover |
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| D-LINK INDIA |
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| Last week's close (Rs) 82.18 |
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| Prev. week's close (Rs) 64.68 |
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| Week's high (Rs) 85.20 |
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| Week's low (Rs) 64.25 |
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| Last week's ave. daily turnover (Rs cr) 11.55 |
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| Prev. week's ave. daily turnover (Rs cr) 2.86 |
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| Futures close NT |
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| Number of up/down moves 4/1 |
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| D-Link surged to a 52-week high last week at Rs 85. The scrip gained 27.05 per cent to close at Rs 82.18. Average weekly turnover also witnessed a quantum jump of over 300 per cent. |
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| The company posted a net profit of Rs 6.81 crore for the first quarter ended June 30, 2003, up 18.4 per cent against a net profit of Rs 5.75 crore posted in the previous corresponding quarter ended June 30, 2002. |
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| Net sales of the IT hardware major for the June 2003 quarter increased to Rs 41.24 crore against net sales worth Rs 38.85 crore clocked in the June 2002 quarter. |
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| RECAP: MATRIX LABORATORIES |
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| The scrip continued its northward journey, gaining 11.38 per cent last week to close at Rs 664.90 |
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| Small-cap mover |
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| HERBETSONS |
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| Last week's close (Rs) 68.00 |
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| Prev. week's close (Rs) 34.00 |
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| Week's high (Rs) 70.40 |
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| Week's low (Rs) 40.80 |
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| Last week's ave. daily turnover (Rs lakh) 0.32 |
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| Prev. week's ave. daily turnover (Rs lakh) 0.10 |
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| Futures close NT |
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| Number of up/down moves 5/0 |
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| Herbertsons zoomed at the bourses during last week on reports that UB group chief Vijay Mallya was keen to acquire Kishore Chhabria's stake in the company. |
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| The scrip gained exactly 100 per cent during the period, touching a 52-week high of Rs 70.40 mid-week before closing at Rs 68 on Friday. There have been rumours that Vijay Mallya was negotiating with the Chhabrias to buy their stake in Herbertsons after the Securities and Appellate Tribunal (SAT) ruled in favour of the Chhabrias in the Herbertsons case. |
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| SAT permitted Kishore Chhabria, younger brother of Manu Chhabria, to make an open offer for the shares of Herbertsons. Herbertsons is part of the UB Group and manufactures liquor. Herbertsons has a dominant presence in the whisky segment. |
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| RECAP: ELDER PHARMACEUTICALS |
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| Flat trading was witnessed at the counter, with the stock gaining a meagre 0.80 per cent to close last week at Rs 68.90. |
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Week
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