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SBI, Reliance slip on selling frenzy

DALAL STREET SPIKES

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Our Markets Bureau Mumbai
Despite impressive results, both State Bank of India and Reliance Industries, these counter witnessed selling pressure in Tuesday's trading. SBI was the biggest loser among the basket stocks, down 5.8 per cent to Rs 442.30. The fall was on huge volumes of more than 45 lakh shares on the BSE.
 
Reliance Industries stock which witnessed a sharp surge ahead of the results announcement over the past few days witnessed profit booking. The scrip ended 2.7 per cent lower to close at Rs 464.95.
 
Reliance for the quarter ended June 30, 2004, registered a 30 per cent jump in net profit at Rs 1,437 crore which analysts said was little below the street expectation of net profit growth in the range of 33 to 35 per cent.
 
The company registered a 29 per cent jump in cash profits at Rs 2,553 crore, 21 per cent increase in gross turnover at Rs 20,763 crore and exports surge by 47 per cent at Rs 5,102 crore.
 
SBI registered a 18 per cent jump in net profit at Rs 1,056.40 crore for the quarter ended June 30, 2004 which the analysts said was in line with market expectations.

 
 

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First Published: Jul 28 2004 | 12:00 AM IST

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