Bears were in full form and the markets had another downer week with the BSE Sensex slipping 129 points to 5817 amid fears of a ban on participatory notes, unwinding in the F&O segment and margin sales. |
The Nifty, meanwhile, slipped 53 points to 1848. The Sensex had a promising start on Monday, recovering from a 75-point loss during early trades to eventually end with a solid gain of 117.91 points. |
However, Tuesday and Wednesday were characterised by huge selling pressure and the index lost 306 points in just two sessions. There was no respite on Thursday either when the index fell another 164 points, taking the total losses to 470 points in three sessions. |
The market, however, bounced back smartly on Friday on hopes that Sebi would clarify its stand on the usage of participatory notes by hedge funds. Bears rushing to cover short positions also aided the recovery. |
BSES Last week's close (Rs) 516.78 Prev. week's close (Rs) 522.73 Week's high (Rs) 560.15 Week's low (Rs) 473.13 Last week's ave. daily turnover (Rs cr) 39.39 Prev. week's ave. daily turnover (Rs cr) 31.55 Futures close NT Number of up/down moves 2/3 |
BSES, the power utility major of the Reliance group, fell prey to market movements, registering a marginal decline in its stock price of 1.2 per cent to Rs 516.78. Volumes clocked an increase of around 25 per cent as players came in to sell. |
The company posted its third-quarter results which were below analysts' expectations. The net profit of the company includes profits from two of its subsidiaries which will be amalgamated into BSES. |
After deducting this, the profit stands at around Rs 40 crore which is lesser than what analysts expected. |
However, there has been a lot of buying in the stock after the Electricity Act was passed. The BSES stock has gained sharply from Rs 219 levels in June, 2003, to touch an all-time high of Rs 576 on January 14, 2004. |
STATE BANK OF INDIA Last week's close (Rs) 623.38 Prev. week's close (Rs) 635.33 Week's high (Rs) 666.85 Week's low (Rs) 578.35 Last week's ave. daily turnover (Rs cr) 594.51 Prev. week's ave. daily turnover (Rs cr) 533.82 Futures close NT Number of up/down moves 2/3 |
SBI, the largest bank in India, moved along with the market last week amidst highly volatile sessions. The stock lost 2 per cent to settle at Rs 623.38. Volumes registered an increase of 11.37 per cent with some sellers stepping in. |
According to market sources, funds which had built up huge positions in the counter on anticipation of a hike in FII limits for banks from the existing 20 per cent are now offloading their positions to book profits. |
Market players and analysts are, however, confident about the future growth prospects of the bank and the correction can be justified as players booked profits at high levels. |
BHEL Last week's close (Rs) 564.70 Prev. week's close (Rs) 552.23 Week's high (Rs) 577.50 Week's low (Rs) 504.75 Last week's ave. daily turnover (Rs cr) 47.75 Prev. week's ave. daily turnover (Rs cr) 49.41 Futures close NT Number of up/down moves 2/3 |
Bhel gained marginally against a losing market to register an increase an 2.3 per cent to Rs 564.7. Volumes, however, dipped by a marginal 3.3 per cent. |
The counter moved up at the bourses on reports that it had bagged a new order in the thermal power generation sector. |
According to reports, Bhel won an order worth Rs 599 crore to set up a 250 mw (mega watt) thermal power project in Maharashtra. |
The order, which was placed by the Maharashtra State Electricity Board (MSEB), is scheduled for completion in 31 months. The scrip, of course, is one the beneficiaries of the Electricity Act. |
RANBAXY Last week's close (Rs) 1030.73 Prev. week's close (Rs) 1081.28 Week's high (Rs) 1121.50 Week's low (Rs) 982.25 Last week's ave. daily turnover (Rs cr) 136.84 Prev. week's ave. daily turnover (Rs cr) 155.71 Futures close NT Number of up/down moves 2/3 |
Ranbaxy Labs was a loser last week after declaring results that were below the Street's expectations. The scrip ended the week with a 4.7 per cent loss over its previous weekly close. |
Ranbaxy reported a net profit of Rs 102 crore for the fourth quarter against Rs 212.7 crore in Q3 FY03 - a decline of 52 per cent. The company's total income decreased 3 per cent to Rs 841.9 crore in the quarter from Rs 871.6 crore in Q4 FY02. |
There were reports that Ranbaxy's Chinese and German subsidiaries are expected to come out of losses during 2004. The company also plans to grow in the German market through the acquisition route. |
It recently launched three new herbal brands under the umbrella of 'new age herbals' - Olesan oil for cold, Olesan cough syrup for adults and children and Eat-ease (appetite enhancer) for children. |
Ranbaxy was also in the news for expanding into another key European market, Spain, by setting up a fully owned subsidiary. The size of the Spanish pharmaceutical market is estimated at euros seven million. |
HCL TECH Last week's close (Rs) 324.13 Prev. week's close (Rs) 306.05 Week's high (Rs) 327.43 Week's low (Rs) 280.00 Last week's ave. daily turnover (Rs cr) 52.33 Prev. week's ave. daily turnover (Rs cr) 44.80 Futures close NT Number of up/down moves 3/2 |
HCL Technologies was a gainer at the bourses last week. It rose almost 6 per cent over its previous weekly close. |
The company had been in the news recently on plans to triple manpower in its business process outsourcing (BPO) division on the back of a 'significant' order from its existing US client. Currently HCL employs around 1,800 people. |
The contract is said to come from Federated Department Stores that owns brands such as Macy's and Bloomingdale's. Earlier, HCL had bagged an order worth $160 million from British Telecom. |
The company's BPO segment which started with low-end operations, is now providing some high-end solutions wherein the company employs doctors to evaluate test results that come from overseas, lawyers for re-mortgaging and financial experts for bond modelling. The company would be declaring its Q2 results on January 29, 2004. |
SATYAM Last week's close (Rs) 341.60 Prev. week's close (Rs) 323.73 Week's high (Rs) 343.95 Week's low (Rs) 307.13 Last week's ave. daily turnover (Rs cr) 774.20 Prev. week's ave. daily turnover (Rs cr) 613.35 Futures close NT Number of up/down moves 3/2 |
Satyam Computers was among the big gainers last week after declaring results that fell in line with the Street's expectations. |
The stock rose 5.5 per cent over its previous weekly close. Shares of the software exporter rose as much as 4.65 per cent on Thursday at the BSE. |
The company posted a net profit of Rs 145.86 crore for the quarter ended December 31, 2003, up 24.95 per cent compared to Rs 116.73 crore for the quarter ended December 31, 2002. |
Total income increased from Rs 521.50 crore in Q3 2002 to Rs 691.14 crore in the quarter ended December 31, 2003. |
On a consolidated basis, the group posted a net profit of Rs 133.48 crore for the quarter ended December 31, 2003, up 34.46 per cent compared to Rs 99.27 crore for the quarter ended December 31, 2002. |
Satyam raised its full-year earnings per share (EPS) forecast to Rs 17.77-17.84. The company expects its income from software services this fiscal at Rs 2511-2521 crore. |
HDFC Last week's close (Rs) 629.85 Prev. week's close (Rs) 644.08 Week's high (Rs) 682.00 Week's low (Rs) 605.28 Last week's ave. daily turnover (Rs cr) 31.99 Prev. week's ave. daily turnover (Rs cr) 35.09 Futures close NT Number of up/down moves 2/3 |
HDFC was depressed at the bourses last week despite posting results which were way past market expectations. The scrip slipped by over 2.2 per cent over its previous weekly close. |
HDFC posted a net profit of Rs 182.81 crore for the quarter ended December 31, 2003, compared to Rs 146.65 crore for the quarter ended December 31, 2002, an increase of 24.66 per cent. |
Total income increased from Rs 734.94 crore in the December quarter of 2002 to Rs 747.22 crore in the quarter ended December 31, 2003. The scrip has witnessed some volatile movements in the recent past. |
The housing finance sector is itself seeing a lot of growth and the low interest rate regime and low real estate prices have spurred a demand for loans. |
The housing finance company has been competitively pricing its home loan products to cater to various categories of investors. |
Stock of the week |
BHARTI TELE-VENTURES Last week's close (Rs) 126.55 Prev. week's close (Rs) 114.28 Week's high (Rs) 129.90 Week's low (Rs) 108.48 Last week's ave. daily turnover (Rs cr) 96.13 Prev. week's ave. daily turnover (Rs cr) 59.93 Futures close NT Number of up/down moves 3/2 |
Bharti Tele-Ventures, the telecom major, was one of the highest gainers in a market that experienced high volatility and declined week-on-week. The scrip registered a gain of 10.74 per cent to Rs 126.55 compared to its previous weekly close. |
Volumes clocked an increase of 60.4 per cent. The company posted its third-quarter results last week which were better than expected. |
Bharti posted a net profit growth of 72.8 per cent sequentially at Rs 161.30 crore on the back of strong growth in the mobile business. It has bounced back after the recent selling pressure. |
RECAP: GAIL The stock registered a decline in its price by 5.5 per cent to Rs 216.23 over the week |
Stock to watch |
TATA MOTORS Last week's close (Rs) 466.88 Prev. week's close (Rs) 487.70 Week's high (Rs) 518.88 Week's low (Rs) 408.00 Last week's ave. daily turnover (Rs cr) 454.11 Prev. week's ave. daily turnover (Rs cr) 331.24 Futures close NT Number of up/down moves 2/3 |
Tata Motors suffered a setback in the market last week despite posting impressive third-quarter results. The stock price registered a decline of 4.2 per cent to close at Rs 466.88. Volumes saw a jump of 37 per cent at the bourses. |
According to market sources, operators who built huge positions in the derivatives market offloaded their positions after the announcement of results. |
Net profits of the company jumped 178 per cent in the third quarter to Rs 210.88 crore against that in the corresponding previous quarter. |
The higher profit resulted from a sales growth of 54.8 per cent to Rs 3398.26 crore combined with cost saving measures. |
RECAP: ESCORTS The stock price registered a decrease of 15 per cent to Rs 82.35. |
Mid-cap mover |
IGATE GLOBAL SOLUTIONS Last week's close (Rs) 261.23 Prev. week's close (Rs) 302.05 Week's high (Rs) 333.00 Week's low (Rs) 241.00 Last week's ave. daily turnover (Rs cr) 2.46 Prev. week's ave. daily turnover (Rs cr) 1.05 Futures close NT Number of up/down moves 2/3 |
iGate Global Solutions had a see-saw week, rising in the first half, but giving way to selling pressure as the week progressed to end 13.5 per cent lower than its previous weekly close. |
The scrip rose 6.72 per cent at the BSE on Monday after the company announced that it is entering into a five-year deal with California- based GreenPoint Mortgage, which has around $22 billion in assets. |
As per the agreement, iGate will manage GreenPoint's back-office operations, enhanc efficiency and operational excellence. |
iGate offers services to a number of international customers with General Electric being among its biggest customers. |
RECAP: AZTEC SOFTWARE The scrip declined marginally by 3 per cent to Rs 30.2. |
Small-cap mover |
JYOTI STRUCTURES Last week's close (Rs) 101.70 Prev. week's close (Rs) 92.53 Week's high (Rs) 103.23 Week's low (Rs) 89.60 Last week's ave. daily turnover (Rs cr) 0.76 Prev. week's ave. daily turnover (Rs cr) 0.43 Futures close NT Number of up/down moves 4/1 |
Jyoti Structures pulled an impressive performance at the bourses even as most stocks dipped. The scrip recorded an increase of 10 per cent to Rs 101.7 compared to its previous weekly close. Volumes clocked an increase of 76.74 per cent at the bourses as buyers rushed in. |
The increase was enhanced by reports that th e company had bagged an order worth Rs 84.8 crore from Powerlinks Transmission for setting up a 400 kv double circuit transmission line from Gorakhpur to Lucknow. According to market players, the Electricity Act has triggered a rise in all power sector stocks. |
RECAP: DIAMOND CABLES The stock price recorded a sharp decline of 20 per cent to Rs 11.61. |
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) |