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| The Sensex gained 91.53 points last week to close at 4,369.17, a 30-month high while the broader Nifty advanced 40.85 points to close at 1397.40.
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| The week opened with the Sensex moving to a free-float adjusted market cap regime. All round buying support lifted the indices to their fifth consecutive rise at the start of the week.
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| The first signs of profit booking after six consecutive gaining sessions led to volatility and limited gains on Tuesday.
|
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| The trend emerged stronger mid-week with the markets snapping their winning run as players booked profits.
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| However, that was to be short lived as buyers were back in action on Thursday. Across-the-board buying at the end of the week ensured another good week for the bulls.
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HCL TECHNOLOGIES
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Last week's close (Rs) 211.78
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Prev. week's close (Rs) 184.35
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Week's high (Rs) 216.75
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Week's low (Rs) 185.25
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Last week's ave. daily turnover (Rs cr) 63.62
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Prev. week's ave. daily turnover (Rs cr) 43.38
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Futures close NT
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| Number of up/down moves 4/1
|
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| HCL Technologies was among the leading gainers of last week, appreciating by 14.87 per cent to close at Rs 211.78.
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| The upsides came on the back of momentum in technology stocks last week, with most of the leading IT scrips posting gains.
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| FIIs were also said to be active at the counter. In July, the company had signed a IT co-sourcing contract with AMD.
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| The company posted a net profit of Rs 89.42 crore during the third quarter ended March 31, 2003, compared with Rs 101.38 crore during the same period last fiscal.
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HPCL
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Last week's close (Rs) 410.35
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Prev. week's close (Rs) 430.50
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Week's high (Rs) 443.65
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Week's low (Rs) 377.95
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| |
Last week's ave. daily turnover (Rs cr) 338.04
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Prev. week's ave. daily turnover (Rs cr) 342.92
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Futures close NT
|
| |
| Number of up/down moves 2/3
|
| |
| HPCL was among the biggest losers last week, shedding 4.68 per cent to close at Rs 410.35. The Supreme Court on Friday reserved the verdict on the disinvestment of the state-controlled oil major.
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| The apex court has not set a date for the final hearing. The privatisation of HPCL was stalled following the filing of a public interest litigation against the sale of the government stake in the oil major.
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| HPCL employees are against government's move to offload 34 per cent stake via strategic sale. Government proposes to offload 34.01 per cent to a strategic partner while 5 per cent will be offered to employees at concessional rates, following which government stake in the company will be reduced to 12 per cent.
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| The stock also went ex-dividend on Friday. The board recommended a final dividend of 180 per cent, in addition to the interim dividend of 20 per cent paid during 2002-03.
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HDFC
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| |
Last week's close (Rs) 499.65
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Prev. week's close (Rs) 482.58
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Week's high (Rs) 507.48
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Week's low (Rs) 463.50
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| |
Last week's ave. daily turnover (Rs cr) 15.05
|
| |
Prev. week's ave. daily turnover (Rs cr) 20.29
|
| |
Futures close NT
|
| |
| Number of up/down moves 4/1
|
| |
| HDFC settled higher by 3.5 per cent last week. The stock had slid 4.47 per cent on Tuesday, amidst profit booking.
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| |
| However, the change in the weightage of the stock as a result of a change in the methodology by BSE seems to have benefited the institution.
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| |
| The weightage of the stock on BSE would rise by 1.85 per cent. This should result in FIs and FIIs allocating a higher proportion of their assets towards HDFC.
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| |
| Following the change in the weightage, mutual funds are also believed to be active on the counter. The markets are upbeat about the stock as more construction activity is expected later this year.
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TATA STEEL
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| |
Last week's close (Rs) 267.45
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| |
Prev. week's close (Rs) 252.73
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| |
Week's high (Rs) 268.80
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| |
Week's low (Rs) 248.78
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| |
Last week's ave. daily turnover (Rs cr) 420.31
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| |
Prev. week's ave. daily turnover (Rs cr) 376.58
|
| |
Futures close NT
|
| |
| Number of up/down moves 3/2
|
| |
| Tata Steel settled 5.8 per cent higher last week amidst reports that the another round of increase in steel prices is due.
|
| |
| The increase in prices, however, are expected to be marginal because of the severe resistance shown by consumers.
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| |
| There have been several rounds of increase in steel prices over the last three months, a move that prompted consumers to approach the government to curb the price increase this time round.
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| |
| Additionally, the market expects an increase in exports after Japan's Nikkon Steel Corp suspended operations at a major plant following a blast.
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| |
RELIANCE INDUSTRIES
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| |
Last week's close (Rs) 419.63
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| |
Prev. week's close (Rs) 399.63
|
| |
Week's high (Rs) 421.30
|
| |
Week's low (Rs) 397.35
|
| |
Last week's ave. daily turnover (Rs cr) 397.49
|
| |
Prev. week's ave. daily turnover (Rs cr) 370.42
|
| |
Futures close NT
|
| |
| Number of up/down moves 4/1
|
| |
| RIL gained 5 per cent last week. Earlier last week, Moody's had upgraded its outlook on ratings of RIL's debt securities from 'negative' to 'stable'.
|
| |
| Moody's cited Reliance group's strong operating performance as reflected in its Q1 results and the belief that the risks associated with its investment in affiliated companies like Reliance Infocomm were abating.
|
| |
| Moody's said the rating may be improved if the company repeats its strong performance while limiting its exposure to group companies.
|
| |
| The stock saw upsides despite a relative fall in the market weightage based on the new formula developed by BSE.
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| |
RANBAXY
|
| |
Last week's close (Rs) 1036.28
|
| |
Prev. week's close (Rs) 1000.88
|
| |
Week's high (Rs) 1051.25
|
| |
Week's low (Rs) 990.80
|
| |
Last week's ave. daily turnover (Rs cr) 129.67
|
| |
Prev. week's ave. daily turnover (Rs cr) 115.48
|
| |
Futures close NT
|
| |
| Number of up/down moves 4/1
|
| |
| Ranbaxy was again in action last week, gaining 3.53 per cent to close at Rs 1036.28. While the scrip rode the general uptrend in pharma counters, the company also announced that it has received
|
| |
| USFDA approval to manufacture and commercialise Ofloxacin tablets 200 mg, 300 mg and 400 mg.
|
| |
| USFDA has determined Ranbaxy's Ofloxacin tablets to be bio-equivalent and therefore, therapeutically equivalent to the listed drug Floxin tablets, 200 mg, 300 mg and 400 mg repsectively of Ortho McNeil Pharmaceutical.
|
| |
HLL
|
| |
Last week's close (Rs) 193.78
|
| |
Prev. week's close (Rs) 185.05
|
| |
Week's high (Rs) 196.65
|
| |
Week's low (Rs) 182.40
|
| |
Last week's ave. daily turnover (Rs cr) 86.21
|
| |
Prev. week's ave. daily turnover (Rs cr) 66.48
|
| |
Futures close NT
|
| |
| Number of up/down moves 4/1
|
| |
| HLL hit a 52-week high on Friday before closing at Rs 193.78, up 4.71 per cent for the week. The counter has done well in the past few months on hopes that a good monsoon would translate into better fortunes for the company.
|
| |
| HLL derives more than 50 per cent of its revenues from the rural sector. The stock has also been boosted in recent months by talks that Unilever may use HLL as an outsourcing base. FIIs are also said to be accumulating the stock.
|
| |
WIPRO
|
| |
Last week's close (Rs) 1246.70
|
| |
Prev. week's close (Rs) 1067.20
|
| |
Week's high (Rs) 1254.00
|
| |
Week's low (Rs) 1066.48
|
| |
Last week's ave. daily turnover (Rs cr) 134.95
|
| |
Prev. week's ave. daily turnover (Rs cr) 107.86
|
| |
Futures close NT
|
| |
| Number of up/down moves 4/1
|
| |
| Wipro was among the leading advances of last week as the scrip rode the surge in technology counters. The stock gained 16.82 per cent last week to close at Rs 1246.70.
|
| |
| Market is positive on the technology sector on renewed hopes of a recovery in US economy as the domestic software majors derive more than 50 per cent of their revenues from US.
|
| |
| Meanwhile, the company has denied any plans by promoter Azim Premji to dilute his 84 per cent stake in the company.
|
| |
| Stock of the week
|
| |
DIVI'S LABORATORIES
|
| |
Last week's close (Rs) 891.85
|
| |
Prev. week's close (Rs) 700.40
|
| |
Week's high (Rs) 907.60
|
| |
Week's low (Rs) 690.00
|
| |
Last week's ave. daily turnover (Rs cr) 46.39
|
| |
Prev. week's ave. daily turnover (Rs cr) 13.48
|
| |
Futures close NT
|
| |
| Number of up/down moves 5/0
|
| |
| Divi's Labs hit an all-time high last week to close at Rs 891.85, up 27.33 per cent for the week. The weekly turnover at the counter also zoomed during the period.
|
| |
| The scrip has been appreciating for the last few months and has surged more than 400 per cent since mid-March.
|
| |
| According to analysts, the sentiment at the counter has been boosted by the future prospects of the company as well as the general bullish trend in the market. The momentum in the pharma sector is also sending the stock northwards, say dealers.
|
| |
| With increased emphasis on contract research and outsourcing of bulk drugs, pharma companies are expected to do well.
|
| |
| Global companies in India are looking at India as a cheap source of outsourcing their research requirements.
|
| |
RECAP: RANBAXY
|
| |
| Ranbaxy enjoyed further gains last week and closed at Rs 1036.28, a gain of 3.53 per cent for the week.
|
| |
| Stock to watch
|
| |
EAST INDIA HOTELS
|
| |
Last week's close (Rs) 218.40
|
| |
Prev. week's close (Rs) 208.38
|
| |
Week's high (Rs) 235.00
|
| |
Week's low (Rs) 199.58
|
| |
Last week's ave. daily turnover (Rs cr) 2.04
|
| |
Prev. week's ave. daily turnover (Rs cr) 0.67
|
| |
Futures close NT
|
| |
| Number of up/down moves 2/3
|
| |
| EIH is likely to be in focus this week after the company announced its tie-up with Hilton International for co-branding hotels in India under the Trident Hilton brand. The scrip gained 4.80 per cent last week to close at Rs 218.40 following the announcement.
|
| |
| The nine hotels under the Oberoi brand will be covered by the alliance, including the Oberoi Towers in Mumbai, which will be re-named Hilton Towers. The rebranding is expected to be completed by the end of this year.
|
| |
| Under the agreement, the Oberoi group will use the international brand equity and world-wide marketing resources of the Hilton group, but will continue to manage and operate all its properties.
|
| |
RECAP: TATA INFOMEDIA
|
| |
| Trading was flat at the counter, with the scrip declining 1.53 per cent last week to close at Rs 150.35
|
| |
| Mid-cap mover
|
| |
RAYBAN SUN OPTICS
|
| |
Last week's close (Rs) 56.50
|
| |
Prev. week's close (Rs) 52.20
|
| |
Week's high (Rs) 71.50
|
| |
Week's low (Rs) 56.10
|
| |
Last week's ave. daily turnover (Rs cr) 1.81
|
| |
Prev. week's ave. daily turnover (Rs cr) 0.39
|
| |
Futures close NT
|
| |
| Number of up/down moves 2/3
|
| |
| Rayban Sun Optics counter saw hectic activity last week, on reports that the Securities Appellate Tribunal (SAT) had directed the Luxottica group and associates to make an open offer.
|
| |
| The scrip gained 8.23 per cent last week to close at Rs 56.50. The stock also hit the 20 per cent upper circuit on Monday.
|
| |
| A SAT order stated that Luxottica has to make the public announcement for the open offer 45 days from Saturday (August 30, 2003).
|
| |
| The offer is reportedly priced at Rs 103.33 per share, the average of the high and low in the six months preceding the cut-off date of April 28, 1999.
|
| |
| Further, Luxottica will also have to pay 15 per cent interest to the shareholders, who were holding shares of Rayban Sun Optics as on April 28, 1999, and continue to be shareholders of the target company on the closing date of the public offer.
|
| |
RECAP: MOREPEN LABORATORIES
|
| |
| Morepen Labs' counter saw profit booking after the recent run-up to go down by 5.10 per cent last week to close at Rs 14.88.
|
| |
| Small-cap mover
|
| |
ESAB INDIA
|
| |
Last week's close (Rs) 51.13
|
| |
Prev. week's close (Rs) 44.90
|
| |
Week's high (Rs) 56.13
|
| |
Week's low (Rs) 43.65
|
| |
Last week's ave. daily turnover (Rs cr) 2.19
|
| |
Prev. week's ave. daily turnover (Rs cr) 0.27
|
| |
Futures close NT
|
| |
| Number of up/down moves 3/2
|
| |
| Esab India touched a 52-week high last week, before closing at Rs 51.13, a gain of 13.87 per cent for the week. The average weekly turnover at the bourses also saw a big spurt.
|
| |
| The sentiment at the counter has been given a lift by hopes of a turnaround in the company's performance.
|
| |
| For the second quarter ended June 30, 2003, the company reported a net sales of Rs 60.66 crore. It reported a net loss of Rs 1 crore for the quarter.
|
| |
| Promoted in 1987 by the Esab group, Sweden (now part of the Charter group, UK), the company manufactures welding and cutting equipment, accessories and systems.
|
| |
| The parent company has plans to make Esab India, a sourcing hub for its global operations. The group has decided to shut down its plant in Thailand and shift the responsibility of manufacturing equipment for its global markets to Esab India's Kolkata plant.
|
| |
RECAP: OMAX AUTOS
|
| |
| The scrip slipped 7.91 per cent last week to close at Rs 74.73.
|
| |
Week
|
