|
Morning cues were positive after the US markets made yet another comeback
on Monday and most Asian markets opened firm. Disappointing many, markets
opened flat and drifted in a range till noon for lack of direction.
Lack
of buying support and profit taking in frontline tech stocks saw the markets
losing ground in early afternoon. A set of encouraging results from companies
like MRPL and IPCL could not revive the sentiment as traders continued to
sell at higher levels. Sensex
closed at 6340, down 38 points and the Nifty at 1957, down 14 points. Nifty
April futures discount to the spot index narrowed to 7 points from Monday's
12 points. Among
Nifty stocks, IPCL, Shipping Corporation and HLL were the major percentage
gainers while Colgate, HCL Tech and Maruti were the major losers. US
markets continued their 'up one day, down the next' trend yesterday also.
After Friday's fall, the US indices regained all their losses in a strong
rebound. NASDAQ gained close to a per cent while Dow gained under a per cent.
After last week's rally which saw crude futures gaining over 8 per cent, traders
booked profits on Monday. The futures for June delivery lost close to 2 per
cent to close below $55 to a barrel. It was reported that the US government
is negotiating with its Middle East allies to keep up the supply of crude
and keep prices at reasonable levels. Saudi Arabia has reportedly agreed to
the US views. On
the NASDAQ, Indian Tech ADR's which had rallied strongly over the last week
lost ground on Monday. Infosys and Wipro lost heavily while Satyam closed
marginally lower. ADR's on the NYSE had a better day with most of them including
ICICI Bank, HDFC Bank, VSNL and MTNL closing with gains. The
controversy surrounding Reliance group took an ugly turn after the board of
Reliance Capital decided to divest 50 per cent stake in a subsidiary which
in turn held a large stake in group company IPCL. One of the directors protested
the sale and stated that the sale has resulted in a loss of Rs1,000 crore
to Reliance Capital. Reliance Capital board is defending itself saying all
benefits accrue to Reliance group as the buyers are also group companies.
Who is bothered about minority investors in these companies anyway! Riding
the strong petrochemical prices, IPCL surprised the markets by reporting a
more than 2 fold jump in profits for the last quarter and close to 2 times
for the year ended March 2005. The stock shot up over 5 per cent on announcement
of the results. All eyes are now set on Reliance results, especially after
such strong results from IPCL. Rating
agency Crisil rallied strongly on news reports that the open offer for the
company's shares by international rating agency Standard and Poor's is successful.
S&P has acquired over 51 percent stake in Crisil and the latter will become
a subsidiary of S&P. It is reported that the large domestic financial
institutions have offered parts of their stake to S&P. Petroleum
refining company MRPL, a subsidiary of ONGC, gained over 5 per cent after
the company announced its provisional results for the year ended March 2005.
Profits have almost doubled on a revenue growth of over 60 per cent. The total
revenues crossed the Rs20,000 crore mark and exports are over $1.5 billion.
The company is the first refiner in the country to introduce Bharat Stage
III or Euro III grade fuel. Shipping
Corporation gained after a news wire reported that the government will take
a decision on stake sale in the company within 6 weeks. Mid-cap
action Glenmark
Pharma announced a licensing agreement with a Japanese company to out license
its asthmatic drug molecule, which is undergoing clinical trials. The company
expects a total inflow of $53 million by way of upfront payments and license
fee and estimates the Japanese market potential at $2 billion. The company
also received $10 million as a milestone payment from one of its earlier licensing
agreements. After rallying on the news, the stock declined later and closed
with losses. Matrix
Labs declined after it reported disappointing results for the quarter ended
March 2005. Profits declined by 26 per cent even as revenues rose close to
12 per cent. The company has announced plans to raise up to $200 million through
an overseas issue. Nucleus
Software, which is a small sized software developer, declared excellent results
for the quarter ended March 2005. Profits for the quarter rose close to 90
per cent on an increase of around 40 per cent in revenues as compared to the
same quarter of previous year. The company develops integrated software suits
for the financial services sector. The stock gained over 5 per cent on results
announcement. Sterlite
Optical surged close to 5 per cent on a strong turnaround in its fortunes.
For the fourth quarter, the company has reported a profit of over Rs2 crore
as against a loss of over Rs17 crore for the same period of last year. Revenues
for the period rose over 4 times. The company is engaged in the manufacture
of optic fibre and other telecom cables. Visualsoft
Technologies reported a 17 per cent drop in fourth quarter profits as compared
to the same quarter of previous year. But investors took heart from the growth
in both revenues and profits as compared to the third quarter and the stock
gained. Alok
Industries, one of the first textile companies to announce quarterly results
after the end of the quota regime, have reported an impressive set of numbers.
On revenue growth of 17 per cent the company has reported a growth of over
60 per cent in profits for the fourth quarter.  Among
mid-cap stocks Malwa Cotton, Gateway Distriparks and Jaybharat Maruti were
the significant percentage gainers.
Gujarat
NRE Coke, Eastern Silk and Reliance Capital were among the major mid-cap losers.
*Disclaimer:
The author does not have any position in the stocks specifically mentioned
above at the time of writing this article. This analysis / report is only
for the purpose of information and is not an investment advice. Readers are
advised to consult a certified financial advisor before taking any investment
decisions. While efforts have been made to ensure the accuracy of the information
provided in the content the author or publisher shall not be held responsible
for any loss caused to any person whatsoever. Other
articles by Rex Mathew
List
of general reports on markets List
of general reports on finance
Market:
Indices
National
Markets
Gain (+) / Loss (-)
|
SENSEX
|
6339.98
|
-
37.87 |
| NIFTY
|
1957.10
|
-
13.85 |
Last
Update : 26 April, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| HINDUSTAN
LEVER LTD. |
134.50
|
139.00
|
133.60
|
137.95 |
| BHEL
|
813.40
|
830.00
|
812.00
|
826.75 |
| DR.REDDY'S
LABORATORIES LTD. |
664.50
|
671.70
|
662.00
|
666.25 |
| BAJAJ
AUTO |
1,070.00
|
1,088.00
|
1,064.00
|
1,082.90 |
| GRASIM
INDUSTRIES LTD. |
1,213.10
|
1,225.00
|
1,210.10
|
1,219.40 |
| ZEE
TELEF LT |
132.30
|
132.45
|
130.80
|
131.90 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
325.50
|
327.50
|
322.00
|
325.75 |
| RELIANCE*
|
545.00
|
550.45
|
541.35
|
547.20 |
| CIPLA
LTD. |
245.00
|
247.00
|
240.40
|
243.75 |
| TATA
MOTORS |
442.00
|
445.00
|
432.80
|
434.30 |
| LARSEN
& TOUBRO LTD. |
999.00
|
999.00
|
966.00
|
975.50 |
| MARUTI
UDYOG |
439.20
|
444.35
|
429.50
|
431.10 |
| SATYAM
COMP |
430.00
|
430.00
|
414.40
|
415.80 |
| ONG
CORP LTD |
864.00
|
866.80
|
845.00
|
847.75 |
| TATA
POWER |
355.00
|
361.85
|
351.25
|
351.50 |
| ASSOCIATED
CEMENT COMPANIES LT |
378.00
|
379.95
|
370.00
|
371.00 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
1,900.00
|
1,978.90
|
1,900.00
|
1,958.95 |
| WIPRO
LTD. |
643.00
|
652.00
|
639.00
|
642.05 |
| TATA
IRON AND STEEL CO. LTD. |
363.00
|
367.40
|
357.60
|
358.70 |
| BHARTI
TELE |
211.00
|
211.00
|
205.00
|
206.00 |
| HOUSING
DEVELOPMENT FINANCE CO |
730.00
|
731.00
|
717.00
|
722.15 |
| GUJARAT
AMBUJA CEMENTS LTD. |
436.10
|
438.50
|
430.10
|
431.50 |
| ICICI
BANK L |
408.00
|
408.00
|
400.10
|
403.60 |
| I
T C LTD |
1,398.00
|
1,398.00
|
1,375.00
|
1,379.90 |
| HEROHONDA
M |
505.00
|
512.00
|
503.15
|
505.55 |
| HDFC
BANK LT |
540.90
|
543.00
|
536.60
|
538.00 |
| HINDALCO
IN |
1,255.00
|
1,268.75
|
1,253.00
|
1,255.00 |
| RELIANCE
ENR* |
504.00
|
504.80
|
497.00
|
501.50 |
| RANBAXY
LABORATORIES LTD. |
912.00
|
923.00
|
910.00
|
915.00 |
Last
Update : 26 April, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
542.00
|
550.70
|
541.10
|
547.15 |
| SATYAMCOMP
|
425.00
|
425.90
|
414.50
|
416.45 |
| IPCL
|
162.00
|
171.50
|
158.00
|
170.85 |
| SBIN
|
628.00
|
631.70
|
621.85
|
624.80 |
| INFOSYSTCH
|
1979.00
|
1979.70
|
1952.55
|
1958.60 |
| TISCO
|
364.75
|
365.95
|
357.40
|
358.70 |
| MARUTI
|
439.00
|
443.90
|
429.10
|
430.80 |
| TCS
|
1157.00
|
1163.80
|
1134.10
|
1136.70 |
| TATAMOTORS
|
443.00
|
444.90
|
432.25
|
434.45 |
| ONGC
|
862.00
|
862.00
|
842.15
|
845.25 |
| ORIENTBANK
|
285.45
|
288.00
|
277.30
|
284.75 |
| SAIL
|
55.80
|
56.10
|
54.60
|
54.75 |
| WIPRO
|
645.00
|
651.65
|
637.20
|
639.95 |
| RANBAXY
|
916.45
|
924.50
|
910.30
|
915.80 |
| HINDLEVER
|
134.85
|
139.40
|
133.55
|
137.75 |
| HCLTECH
|
358.80
|
358.80
|
345.20
|
347.40 |
| BHEL
|
815.00
|
828.00
|
813.05
|
824.60 |
| PNB
|
374.00
|
380.70
|
374.00
|
375.55 |
| M&M
|
460.00
|
462.90
|
452.15
|
453.70 |
| LT
|
997.00
|
997.00
|
967.05
|
975.60 |
| ITC
|
1389.00
|
1395.00
|
1373.50
|
1381.25 |
| SCI
|
147.40
|
156.00
|
146.70
|
151.40 |
| HINDPETRO
|
325.00
|
327.45
|
323.00
|
325.75 |
| HDFC
|
723.00
|
731.00
|
714.00
|
720.25 |
| GAIL
|
212.80
|
214.95
|
210.10
|
211.85 |
| MTNL
|
124.00
|
124.40
|
120.00
|
121.15 |
| ICICIBANK
|
405.00
|
407.00
|
400.00
|
404.70 |
| DRREDDY
|
689.95
|
750.00
|
661.10
|
666.35 |
| GUJAMBCEM
|
439.80
|
439.80
|
430.00
|
431.55 |
| CIPLA
|
237.50
|
249.80
|
211.65
|
244.05 |
| TATAPOWER
|
357.50
|
361.30
|
352.10
|
353.60 |
| ACC
|
380.00
|
380.00
|
370.05
|
371.20 |
| NATIONALUM
|
157.00
|
159.00
|
156.00
|
157.25 |
| HDFCBANK
|
540.90
|
543.70
|
536.30
|
538.65 |
| BHARTI |
209.35 |
209.35
|
205.00
|
205.60 |
| VSNL
|
209.95
|
213.45
|
204.05
|
206.30 |
| HEROHONDA
|
507.00
|
512.00
|
503.10
|
504.55 |
| GRASIM
|
1217.00
|
1224.40
|
1210.05
|
1220.55 |
| BPCL
|
363.00
|
366.90
|
360.10
|
361.80 |
| BAJAJAUTO
|
1072.00
|
1085.00
|
1067.25
|
1081.70 |
| REL
|
498.00
|
504.90
|
498.00
|
501.65 |
| TATATEA
|
525.00
|
538.05
|
525.00
|
533.25 |
| ZEETELE
|
131.65
|
132.50
|
130.60
|
132.05 |
| COLGATE
|
208.05
|
208.05
|
196.00
|
199.25 |
| ABB
|
1237.00
|
1249.00
|
1215.10
|
1244.70 |
| TATACHEM
|
151.60
|
154.45
|
151.60
|
152.80 |
| HINDALC0
|
1268.70
|
1268.70
|
1251.00
|
1256.25 |
| DABUR |
113.10 |
114.90
|
113.10
|
114.25 |
| GLAXO
|
743.80
|
744.40
|
713.20
|
718.00 |
| SUNPHARMA
|
495.00
|
495.00
|
481.60
|
486.95 |
Last
Update : 26 April, 2005, 16:04PM
| 
