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| The broader Nifty ended the week 46.35 points higher at 1,569.45. The indices continued their winning run on Monday with the Sensex closing at a 39-month high.
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| However, the inevitable happened on Tuesday as the markets went down on profit booking after 11 successive winning sessions. Gains in old-economy counters shored up the bulls mid-week as they continued their onward march.
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| Better-than-expected results from index heavyweight Reliance Industries saw the indices climbing up further. An encouraging performance from technology blue-chip Wipro fuelled the rally further towards the end of the week, leading to gains across technology counters.
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| WIPRO
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| Last week's close (Rs) 1420.10
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| Prev. week's close (Rs) 1347.80
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| Week's high (Rs) 1484.50
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| Week's low (Rs) 1295.55
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| Last week's ave. daily turnover (Rs cr) 166.22
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| Prev. week's ave. daily turnover (Rs cr) 143.95
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| Futures close Oct-2003 (Rs) 1424.30
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| Futures close Nov-2003 (Rs) 1433.50
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| Futures close Dec-2003 (Rs) 0.00
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| Number of up/down moves 4/1
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| Wipro gained 3.36 per cent on the NSE on Friday after the company announced its second-quarter results which beat market expectations.
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| The company posted a net profit of Rs 214.8 crore for the quarter ended September 30, 2003 as compared to Rs 209 crore for the quarter ended September 30, 2002, an increase of 2.77 per cent.
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| Total income increased to Rs 1,228.5 crore from Rs 1,004.9 crore.
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| The increase in net revenues was driven by growth in technology infrastructure services, BPO and package implementation, say analysts.
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| The company added 35 new clients during the quarter, of which six are Fortune 1000 companies.
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| The company has also given a guidance of $241 million on revenues from its global IT services business for the quarter ending December 2003. "Rs 1,650 levels will be a good time to book profits at the counter," says Jhaveri.
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| IPCL
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| Last week's close (Rs) 181.75
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| Prev. week's close (Rs) 191.78
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| Week's high (Rs) 202.73
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| Week's low (Rs) 172.10
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| Last week's ave. daily turnover (Rs cr) 42.41
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| Prev. week's ave. daily turnover (Rs cr) 32.17
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| Futures close Oct-2003 (Rs) 182.90
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| Futures close Nov-2003 (Rs) 185.50
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| Futures close Dec-2003 (Rs) 0.00
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| Number of up/down moves 2/3
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| After hitting a 52-week intraday high on Monday, IPCL went downhill before picking up towards the end of the week. The company announced disappointing second-quarter results, reporting a 20 per cent rise in net profit to Rs 54 crore, on a 7.5 per cent rise in total income to Rs 1,366 crore.
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| Although the company is confident of achieving an improved performance in the future, analysts are not impressed by the performance.
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| "The markets were expecting a bottomline of between Rs 72-75 crore, which is well above what the company has managed to achieve," says an analyst.
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| "The scrip is on an intermediate uptrend and has a support at Rs 174 levels, while it could face resistance at Rs 194 levels," notes Vijay Bhambwani, CEO of BSPLIndia.com.
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| DR REDDY'S LABS
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| Last week's close (Rs) 1213.85
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| Prev. week's close (Rs) 1181.15
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| Week's high (Rs) 1291.00
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| Week's low (Rs) 1147.00
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| Last week's ave. daily turnover (Rs cr) 60.45
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| Prev. week's ave. daily turnover (Rs cr) 30.08
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| Futures close Oct-2003 (Rs) 1223.60
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| Futures close Nov-2003 (Rs) 1240.20
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| Futures close Dec-2003 (Rs) 0.00
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| Number of up/down moves 1/4
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| Dr Reddy's Labs saw volatile activity last week. The scrip hit a 52-week intra-day high on Tuesday, but declined for the rest of the week on profit booking.
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| The upsides earlier in the week was prompted by market rumours that the company had won a court case against Pfizer over the generic version of amlodipine malleate.
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| Last month, investment bank Merrill Lynch had downgraded the Dr Reddy's scrip from a 'buy' to 'neutral', citing the current valuations, postponement of Amlodepine Malleate launch and absence of any major product approvals over the next 12 months.
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| According to Jhaveri, the scrip is trading at new highs and, in the case of a decline, has support at Rs 1010 levels. "The upside target sees the scrip at Rs 1,300 levels," notes Jhaveri.
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| ZEE TELEFILMS
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| Last week's close (Rs) 140.08
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| Prev. week's close (Rs) 131.00
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| Week's high (Rs) 143.75
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| Week's low (Rs) 129.43
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| Last week's ave. daily turnover (Rs cr) 104.20
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| Prev. week's ave. daily turnover (Rs cr) 85.09
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| Futures close NT
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| Number of up/down moves 4/1
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| Zee Telefilms saw upsides last week during which the company announced a 15.06 per cent jump in net profit for the second quarter ended September 30, 2003.
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| The net profit stood at Rs 18.56 crore for the quarter compared to Rs 16.13 crore for the quarter ended September 30, 2002. Total income has increased to Rs 125.29 crore from Rs 106.7 crore.
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| The Zee group recorded a net profit of Rs 70.08 crore for the last quarter compared to Rs 54.55 crore for the quarter ended September 30, 2002, an increase of 28.46 per cent.
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| Total income has increased to Rs 339.51 crore from Rs 294.27 crore. Zee is hopeful of growing advertising revenues during the second half of the fiscal 2004.
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| According to Bhambwani, Zee has the potential to go upto Rs 180 in a good market and the outlook remains bullish.
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| SHIPPING CORPORATION OF INDIA
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| Last week's close (Rs) 123.25
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| Prev. week's close (Rs) 122.50
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| Week's high (Rs) 131.48
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| Week's low (Rs) 112.05
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| Last week's ave. daily turnover (Rs cr) 79.94
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| Prev. week's ave. daily turnover (Rs cr) 99.09
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| Futures close Oct-2003 (Rs) 121.70
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| Futures close Nov-2003 (Rs) 121.80
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| Futures close Dec-2003 (Rs) 0.00
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| Number of up/down moves 3/2
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| SCI saw a seesaw activity last week. The company posted a net profit of Rs 80.06 crore for the quarter ended September 30, 2003, compared to Rs 77 crore for the quarter ended September 30, 2002, an increase of 3.97 per cent.
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| The company's results were below market expectations, according to analysts.
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| Meanwhile, the sell-off process of SCI has accelerated, with the government inviting bids for the company by October 20, 2003.
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| "The scrip has good support at Rs 111 levels, while the near-term barrier is at Rs 135 levels. The scrip is under pressure and is likely to consolidate before moving up," says Bhambwani.
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| INDIAN HOTELS
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| Last week's close (Rs) 336.20
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| Prev. week's close (Rs) 310.10
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| Week's high (Rs) 349.48
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| Week's low (Rs) 306.50
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| Last week's ave. daily turnover (Rs cr) 6.70
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| Prev. week's ave. daily turnover (Rs cr) 5.21
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| Futures close NT
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| Number of up/down moves 3/2
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| Indian Hotels was among the top gainers, after the company announced a 32 per cent rise in net profit to Rs 3.48 crore. The Tata group hospitality flagship reported a 17.82 per cent increase in sales and operating income to Rs 136.50 crore.
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| However, the company's total operating expenses increased by Rs 17 crore. It attributed the increased costs to the operating expenses of the Taj Lands End property by Rs 12.40 crore.
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| Earlier this month, the company board had approved the making of a non-binding bid by the company, for the acquisition of a hotel property in US.
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| "Indian Hotels has an upside target at Rs 435 levels in the long-term, while the support levels are at Rs 280 levels," says Jhaveri.
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| BHEL
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| Last week's close (Rs) 454.18
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| Prev. week's close (Rs) 424.73
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| Week's high (Rs) 464.48
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| Week's low (Rs) 410.13
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| Last week's ave. daily turnover (Rs cr) 49.83
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| Prev. week's ave. daily turnover (Rs cr) 27.43
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| Futures close Oct-2003 (Rs) 445.55
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| Futures close Nov-2003 (Rs) 444.20
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| Futures close Dec-2003 (Rs) 0.00
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| Number of up/down moves 3/2
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| Bhel zoomed nearly 8 per cent on Friday. The public sector power equipment major is to set up a 125 mw lignite-based power project, valued at Rs 243 crore, at Giral in Barmer district of Rajasthan.
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| The project is expected to be commissioned within a period of 33 months.
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| Bhel has set a target of becoming a Rs 12,500-crore company by 2006-07, representing a compounded annual growth rate (CAGR) of 12 per cent.
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| Keeping in view the emerging business scenario, the company has set ambitious targets such as attaining sales turnover of Rs 12,500 crore and an exports contribution of 15 per cent to total turnover.
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| The company reported the highest ever order booking worth Rs 11,227 crore, up by 13.92 per cent during 2002-2003, against Rs 9,855.3 crore in 2001-02.
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| According to Bhambwani, the outlook is outright bullish on Bhel. "If the scrip closes above Rs 432 levels for the next couple of sessions, the scrip will go into a bull zone. The next resistance levels are at Rs 470 levels," says Bhambwani.
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| Stock of the week
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| TATA STEEL
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| Last week's close (Rs) 355.88
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| Prev. week's close (Rs) 318.90
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| Week's high (Rs) 363.45
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| Week's low (Rs) 319.33
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| Last week's ave. daily turnover (Rs cr) 728.99
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| Prev. week's ave. daily turnover (Rs cr) 475.31
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| Futures close Oct-2003 (Rs) 357.50
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| Futures close Nov-2003 (Rs) 360.30
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| Futures close Dec-2003 (Rs) 0.00
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| Number of up/down moves 3/2
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| Tisco was among the biggest gainers last week as the bullish sentiment at the steel counters propelled the scrip upwards.
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| Stocks of steel companies were on the rise in the recent past, buoyed by good corporate performances, high steel prices and improved demand. Tisco has already appreciated by over 135 per cent during the year.
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| Domestic steel firms are looking at a 35-40 per cent jump in exports during the financial year. Investment bank Merrill Lynch had recently put a buy rating on the scrip citing high international steel prices, growing domestic demand and an improving product mix.
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| According to Hiten Jhaveri, director of Stockwhizo.com, the scrip is trading at a near eight-year high. "The scrip will face resistance at Rs 400 levels. This week could see the last Rs 15-20 upsides at the counter, and should be used to book profits," says Jhaveri.
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| RECAP: TATA MOTORS
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| The scrip continued its upward journey closing at Rs 383.80, up 3.21 per cent.
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| Stock to watch
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| RELIANCE INDUSTRIES
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| Last week's close (Rs) 489.33
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| Prev. week's close (Rs) 470.75
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| Week's high (Rs) 497.68
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| Week's low (Rs) 464.78
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| Last week's ave. daily turnover (Rs cr) 601.52
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| Prev. week's ave. daily turnover (Rs cr) 384.16
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| Futures close Oct-2003 (Rs) 490.85
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| Futures close Nov-2003 (Rs) 493.95
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| Futures close Dec-2003 (Rs) 0.00
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| Number of up/down moves 4/1
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| Reliance is expected to be on the rise after the company announced a 26 per cent jump y-o-y in Q2FY03, beating market expectations. The net profit for the quarter stood at Rs 1,236 crore. Net turnover during the quarter increased 10.20 per cent to Rs 12,693 crore.
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| Meanwhile, Reliance Gateway, a wholly-owned subsidiary of Reliance Infocomm, has signed a pact to buy the US-based Flag Telecom group for Rs 1,000 crore.
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| It has also entered into a fresh understanding with the government for acquiring an additional 5 per cent in IPCL, when the government sells its residual 34 per cent through a public offer.
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| According to Jhaveri, the Reliance scrip still has lot of upsides left. "The scrip should touch Rs 600 on a longer term. The short-term resistance levels are around Rs 500 levels while the support comes at Rs 440 levels," says Jhaveri.
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| RECAP: DREDGING CORP
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| The counter witnessed selling pressure last week closing four per cent lower at Rs 428.
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| Mid-cap mover
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| ALLAHABAD BANK
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| Last week's close (Rs) 22.58
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| Prev. week's close (Rs) 20.03
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| Week's high (Rs) 22.75
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| Week's low (Rs) 19.78
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| Last week's ave. daily turnover (Rs cr) 7.82
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| Prev. week's ave. daily turnover (Rs cr) 3.74
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| Futures close NT
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| Number of up/down moves 4/1
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| Allahabad Bank scrip was sought after last week after the bank recorded a 111 per cent growth in net profit for the second quarter of the current fiscal.
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| The bank posted a net profit of Rs 75.90 crore for the quarter, compared with Rs 36.02 crore for the September quarter of 2002. Total income stood at Rs 839.98 crore, against Rs 787.99 crore in the corresponding quarter previous fiscal.
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| The rise in net profits was mainly attributed to an increase in other income. The scrip has been trading in the Rs 17-20 band for the last few months. With the scrip breaking out above Rs 20, some analysts are bullish on the counter.
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| RECAP: BAJAJ AUTO
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| The scrip was hammered last week, going down by eight per cent to close at Rs 445.
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| Small-cap mover
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| LINCOLN PHARMA
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| Last week's close (Rs) 29.30
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| Prev. week's close (Rs) 33.45
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| Week's high (Rs) 38.90
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| Week's low (Rs) 27.55
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| Last week's ave. daily turnover (Rs cr) 0.35
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| Prev. week's ave. daily turnover (Rs cr) 0.18
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| Futures close NT
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| Number of up/down moves 2/3
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| Lincoln Pharma declined more than 12 per cent last week. The company, a contract manufacturer on behalf of several big companies, reported a sales turnover of Rs 10.13 crore for the second quarter ended September 30, 2003, compared with Rs 8.71 crore in the previous corresponding period. Net profit went up 16.87 per cent to Rs 0.97 crore.
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| Recently the company launched the latest antibiotic Gatlink (Gatifloxacin) at an affordable price for respiratory infected patients.
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| Lincoln Pharma had recently tied up with Ranbaxy Laboratories to manufacture their different human and veterinary products. The company's central government approved R&D centre is also working on immuno enhancer drugs, especially for AIDS patients.
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| Clinical trials have already been done and the company has got orders from African countries for these products.
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| RECAP: ANKUR DRUGS
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| The scrip slumped 10.68 per cent on profit booking to close at Rs 20.50.
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Week
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