Markets at a glance

Buying in IT scripts on expectations of strong December quarter results pushed the markets up with the Sensex gaining 315.17 points over the week.

In CY 2006, the Sensex gained 46.7% and the Nifty 39.8%. IT, telecom, banking and cement stocks took centrestage over the past year.

What to expect this week

Though analysts believe that markets will remain range bound, strong advance tax payments is likely to boost sentiments in anticipation of robust Q3 results.

While healthy monthly auto and cement numbers may lead to some action in these scrips, implementation of CAS and demand for DTH service could fire up media stocks.

Stock to watch 

Shree Renuka Sugars
Last week's close (Rs	446.52
Prev. week's close (Rs	418.48
Week's high (Rs	464.50
Week's low (Rs)	384.53
Last week's ave. daily turnover (Rs cr)	15.84
Prev. week's ave. daily turnover (Rs cr)	8.99
Number of up/down move	2/2

Unlike the beleagured sugar stocks, Shree Renuka Sugars is getting sweeter on the bourses as it has gained 13 per cent in the last three trading sessions as against Sensex decline of 0.5 per cent.

The company approved a dividend of 20 per cent ( Rs 2 per share) and is also increasing its authorised share capital four times to Rs 105 crore by issuing 6.5 crore preference shares of Rs 10 each.

The company has been battered since April when it touched its all time of Rs 1665. The stock trades at a price to earnings multiple of about 16 per cent for FY07 estimated earnings.