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| The BSE Sensex lost 88.79 points in the bargain to close at 4217.12 while the Nifty ended 75.25 points lower at 1322.15. A big correction at the start of the week saw the Sensex crashing by 112 points on Monday.
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| Further volatility marked the action on Tuesday, especially in PSU counters after the Supreme Court ruled that the government must obtain parliamentary approval for the disinvestment of HPCL and BPCL.
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| Despite this the indices managed to post gains during the session. Further selling accentuated the losses mid-week as hedge funds, too, got into the action, as they unwounded positions in the F&O segment of the markets.
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| However, bulls had a respite on Friday as renewed buying in blue chips helped the markets recover some losses.
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| BPCL
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| Last week's close (Rs) 319.68
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| Prev. week's close (Rs) 346.90
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| Week's high (Rs) 350.00
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| Week's low (Rs) 284.70
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| Last week's ave. daily turnover (Rs cr) 147.72
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| Prev. week's ave. daily turnover (Rs cr) 89.35
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| Futures close Sep-2003 (Rs) 319.55
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| Futures close Oct-2003 (Rs) 323.45
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| Futures close Nov-2003 (Rs) 0.00
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| Number of up/down moves 1/4
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| BPCL slipped on the bourses amidst heavy selling, volumes surged 65.33 per cent and the price dropped by 7.8 per cent.
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| The oil major's divestment process will be on a hold now after the Supreme Court gave a stay order to HPCL. The court added that the privatisation of BPCL will also need a green signal from the parliament.
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| However, market analysts feel that this is only a temporary reaction. They are of the opinion that these companies should be approached on the basis of their fundamentals.
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| ACC
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| Last week's close (Rs) 183.85
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| Prev. week's close (Rs) 207.48
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| Week's high (Rs) 207.95
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| Week's low (Rs) 178.35
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| Last week's ave. daily turnover (Rs cr) 83.15
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| Prev. week's ave. daily turnover (Rs cr) 68.26
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| Futures close Sep-2003 (Rs) 183.80
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| Futures close Oct-2003 (Rs) 185.50
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| Futures close Nov-2003 (Rs) 0.00
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| Number of up/down moves 2/3
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| ACC slipped on the exchanges last week as the stock plunged by 11.39 per cent while volumes clocked an increase of 21.81 per cent.
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| The hike in cement prices is not expected to cover the losses the company incurred during the monsoons when prices of cement plummeted.
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| Therefore, volumes growth in cement will be the only saviour for the company.
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| RANBAXY
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| Last week's close (Rs) 989.33
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| Prev. week's close (Rs) 1024.68
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| Week's high (Rs) 1040.08
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| Week's low (Rs) 955.30
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| Last week's ave. daily turnover (Rs cr) 158.65
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| Prev. week's ave. daily turnover (Rs cr) 126.66
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| Futures close Sep-2003 (Rs) 987.60
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| Futures close Oct-2003 (Rs) 995.25
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| Futures close Nov-2003 (Rs) 0.00
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| Number of up/down moves 2/3
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| Ranbaxy was among the losers last week on a generally bad week for pharma scrips as players booked profits. The scrip closed 3.44 per cent down at Rs 989.33.
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| On Tuesday, Ranbaxy announced that the company has received approval from the US Food and Drug Administration (USFDA) to market Panixine DisperDose (Cephalexin tablets for oral suspension, 125 mg and 250 mg).
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| The brands product division of Ranbaxy Pharmaceuticals Inc (RPI), a wholly owned subsidiary of Ranbaxy, will be responsible for commercialising this novel dosage form.
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| HCL TECHNOLOGIES
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| Last week's close (Rs) 165.50
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| Prev. week's close (Rs) 197.78
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| Week's high (Rs) 194.25
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| Week's low (Rs) 151.60
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| Last week's ave. daily turnover (Rs cr) 97.64
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| Prev. week's ave. daily turnover (Rs cr) 63.85
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| Futures close Sep-2003 (Rs) 165.45
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| Futures close Oct-2003 (Rs) 167.75
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| Futures close Nov-2003 (Rs) 0.00
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| Number of up/down moves 3/2
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| HCL Tech slipped 16.32 per cent last week because of the poor results declared by the company for the quarter and year ended June 30, 2003.
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| A large part of the correction came on Monday itself when the scrip fell by 18.13 per cent to touch Rs 162 on the NSE.
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| For the last four quarters, the company's organic software business has grown at a lacklustre pace, although most other IT majors have posted strong volume growth.
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| Last quarter, volumes in the organic software business grew 3.2 per cent sequentially, but average billing rates dropped at an even higher rate, leading to a 2.2 per cent decline in revenues.
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| BAJAJ AUTO
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| Last week's close (Rs) 744.25
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| Prev. week's close (Rs) 702.00
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| Week's high (Rs) 746.50
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| Week's low (Rs) 689.55
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| Last week's ave. daily turnover (Rs cr) 12.03
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| Prev. week's ave. daily turnover (Rs cr) 10.00
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| Futures close Sep-2003 (Rs) 739.00
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| Futures close Oct-2003 (Rs) 739.50
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| Futures close Nov-2003 (Rs) 670.00
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| Number of up/down moves 3/2
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| Bajaj Auto gained 6 per cent last week. The primary reason for this seems to be the company's tie-up with State Bank of India, making the bank its preferred partner for vehicle finance.
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| The tie-up is expected to help Bajaj penetrate small towns and rural markets. Here lenders from the unorganised sector offer loans at high interest rates.
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| The company is aiming to boost vehicle sales by 10.7 per cent in 2003/04 to 1.6 million from the previous years 1.446 million.
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| The recent comments made by the company that it hopes to substantially drive exports up from the current level of about 5,000-6,000 units to the level of 10,000 units in the next few years, is also believed to be a major factor in pushing up the price.
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| INFOSYS
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| Last week's close (Rs) 4329.43
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| Prev. week's close (Rs) 4156.30
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| Week's high (Rs) 4395.25
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| Week's low (Rs) 4006.10
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| Last week's ave. daily turnover (Rs cr) 501.76
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| Prev. week's ave. daily turnover (Rs cr) 556.29
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| Futures close Sep-2003 (Rs) 4327.25
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| Futures close Oct-2003 (Rs) 4347.70
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| Futures close Nov-2003 (Rs) 4153.35
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| Number of up/down moves 3/2
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| Infosys rose 4 per cent last week, with news that the company had won a $50-million contract from Australian Firm Telstra Corp.
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| The company's chief executive Nandan Nilekani told Reuters that the market had ripened for large deals.
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| The price of the stock may also be rising as company is expected to come out with audited financial results for half year ending September 30, 2003 on October 10, 2003.
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| Analysts expect the company to perform better than the guidance that it has given. The company had exceeded its expectations when it had declared its first-quarter results of the current financial year.
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| Dr REDDY'S LABORATORIES
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| Last week's close (Rs) 1099.15
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| Prev. week's close (Rs) 1150.53
|
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| Week's high (Rs) 1162.45
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| Week's low (Rs) 1052.58
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| Last week's ave. daily turnover (Rs cr) 45.51
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| Prev. week's ave. daily turnover (Rs cr) 52.57
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| Futures close Sep-2003 (Rs) 1094.50
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| Futures close Oct-2003 (Rs) 1105.70
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| Futures close Nov-2003 (Rs) 1180.00
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| Number of up/down moves 1/4
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| Dr Reddy's Labs scrip declined 4.46 per cent last week on profit booking to close at Rs 1099.15.
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| On a positive note the company announced on Wednesday that the USFDA had issued final approval for its abbreviated new drug application (ANDA) for Nefazodone hydrochloride tablets in sizes of 50, 100, 150, 200 and 250 mg.
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| The product will be marketed through the company's alliance partner, Par Pharmaceuticals. Nefazodone hydrochloride is the AB-rated generic equivalent of Bristol Myers Squibb's Serzoner, which is indicated for the treatment of depression.
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| TATA POWER
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| Last week's close (Rs) 165.08
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| Prev. week's close (Rs) 189.15
|
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| Week's high (Rs) 191.25
|
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| Week's low (Rs) 159.20
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| Last week's ave. daily turnover (Rs cr) 41.40
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| Prev. week's ave. daily turnover (Rs cr) 35.58
|
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| Futures close Sep-2003 (Rs) 165.25
|
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| Futures close Oct-2003 (Rs) 167.10
|
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| Futures close Nov-2003 (Rs) 0.00
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| Number of up/down moves 1/4
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| Tata Power declined 12.72 per cent last week to close at Rs 165.08. The Maharashtra Electricity Regulatory Commission (MERC), in an order on Wednesday, gave an ultimatum to Tata Power Company (TPC) to file its tariff proposal for 2003-04 by October 1.
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| TPC, in view of the order, would also have to file its annual revenue requirement (ARR) and fuel adjustment cost (FAC) for 2003-04 and also for the period from 1999-00 to 02-03 by October 1.
|
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| MERC expressed its displeasure over TPCs non-compliance of its past orders in this regard. It warned that it would be left with no option but to initiate action under MERC regulations 44 and 45 if it fails to submit the tariff proposal during the stipulated time period.
|
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| (in the box)
|
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| Stock of the week
|
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| HPCL
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| |
| Last week's close (Rs) 347.28
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| Prev. week's close (Rs) 424.78
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| Week's high (Rs) 427.83
|
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| Week's low (Rs) 320.00
|
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| Last week's ave. daily turnover (Rs cr) 505.08
|
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| Prev. week's ave. daily turnover (Rs cr) 185.23
|
| |
| Futures close Sep-2003 (Rs) 346.40
|
| |
| Futures close Oct-2003 (Rs) 349.95
|
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| Futures close Nov-2003 (Rs) 0.00
|
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| Number of up/down moves 2/3
|
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| HPCL plummeted 18.24 per cent after the Supreme Court, on September 16, had stayed the disinvestment process of the oil refining company.
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| |
| Asking the government to stop the due diligence of HPCL, the court, in its order, said that the sell-off process cannot proceed unless the government gets parliamentary nod.
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| The stock witnessed huge volumes, up 172.68 per cent amidst heavy selling. The petroleum ministry is chalking out plans to offer more than 26 per cent of the government's equity in HPCL to ONGC on a nomination basis.
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| RECAP: SAIL
|
| |
| The counter witnessed flat trading last week after recent highs to close 0.77 per cent down at Rs 34.43.
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| Stock to watch
|
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| ALEMBIC PHARMACEUTICALS
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| Last week's close (Rs) 390.95
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| Prev. week's close (Rs) 426.35
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| Week's high (Rs) 435.60
|
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| Week's low (Rs) 371.05
|
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| Last week's ave. daily turnover (Rs cr) 4.31
|
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| Prev. week's ave. daily turnover (Rs cr) 11.86
|
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| Futures close NT
|
| |
| Number of up/down moves 2/3
|
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| Alembic Pharma is likely to be in action after the company announced plans to enter into speciality therapeutics business.
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| On Tuesday, the Vadodara-based company acquired Yutopar, a widely studied product in the gynaecology segment from the Solvay Pharmaceuticals of Netherlands.
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| The company is also planning to extend its portfolio to the other two major speciality therapeutic segments - cardiology and diabetology.
|
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| Alembic is planning to market Yutopar in the domestic market over the next one year, after which it plans to start exporting the product.
|
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| The company wants to strengthen its portfolio in the gynaecology segment. The company is also planning to raise more equity through a rights issue during the current financial year.
|
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| RECAP: ASIAN PAINTS
|
| |
| The scrip was not in favour last week, declining 3.74 per cent to close at Rs 301.95
|
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| Mid-cap mover
|
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| BEML
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| |
| Last week's close (Rs) 142.45
|
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| Prev. week's close (Rs) 114.93
|
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| Week's high (Rs) 151.50
|
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| Week's low (Rs) 110.70
|
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| Last week's ave. daily turnover (Rs cr) 44.72
|
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| Prev. week's ave. daily turnover (Rs cr) 31.45
|
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| Futures close NT
|
| |
| Number of up/down moves 4/1
|
| |
| BEML hit a six-year intra-day high last week before closing at Rs 142.45, up 23.94 per cent. According to sources the counter saw block deals of 25,000 shares each on Friday.
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| The share has appreciated by more than 75 per cent from the first week of August this year. The stock has been in accumulation in the recent past and attractive valuations are fuelling the run.
|
| |
| Market players say that both domestic and foreign institutions are buying into the counter.
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| |
| The company is also expected to gain from the Kashmir-to-Kanyakumari rail line plans as it may obtain major contracts from the government for this project.
|
| |
| RECAP: PROCTER & GAMBLE HYGIENE AND HEALTH CARE
|
| |
| The share price declined 1.11 per cent last week to close at Rs 595.55.
|
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| Small-cap mover
|
| |
| AJANTA PHARMACEUTICALS
|
| |
| Last week's close (Rs) 55.65
|
| |
| Prev. week's close (Rs) 65.00
|
| |
| Week's high (Rs) 68.80
|
| |
| Week's low (Rs) 53.40
|
| |
| Last week's ave. daily turnover (Rs cr) 2.20
|
| |
| Prev. week's ave. daily turnover (Rs cr) 6.39
|
| |
| Futures close NT
|
| |
| Number of up/down moves 1/4
|
| |
| Ajanta Pharma was a big loser last week, closing 14.38 per cent lower at Rs 55.65. The company recently put on the block its majority stake in three overseas subsidiaries, and its stake in an associate firm.
|
| |
| The drug major is also planning to shut down two subsidiaries in the US and in Tashkent.
|
| |
| The company's overseas ventures, mainly in the CIS countries ran into rough weather owing to turmoil in the region. Repeated attempts made by the company failed to revive operations in these ventures.
|
| |
| With exports accounting for over 65 per cent of the company's total turnover of over Rs 100 crore, it will be focusing on unregulated markets including those in South East Asia and West Asia in the current year.
|
| |
| RECAP: TEXMACO
|
| |
| The selling continued unabated at the counter, with the scrip declining 8.46 per cent to close at Rs 84.30.
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Week
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