|
Markets opened in the positive, trying to sustain the rally from last week.
Selling emerged within half an hour and indices slipped into the negative.
From
there on it was a slow drift down for rest of the day. The overall weakness
did not turn into a sell off because of stellar performance from select heavyweights
like TCS and HLL.
Losses
on the Nifty were much lower than those on the Sensex because of the surge
in TCS and positive trend in ONGC. TCS, which is not represented on the Sensex,
closed with gains of close to 4 per cent. Market volumes were low even by
the lower trend of recent weeks.
Sensex
closed at 6664, down 44 points and the Nifty at 2072, down 4 points. Nifty
June futures discount to the spot index widened marginally to 29 points from
Friday's 28 points.
Among
Nifty stocks, HLL, Tata Chemicals and TCS were the major percentage gainers
while Hindalco, L&T, GAIL were the major losers.
Utility
vehicles and tractors manufacturer M&M has reported a 47 per cent jump
in profits for the full year ended March 2005. Total revenues rose by over
33 per cent. Profit growth for the fourth quarter was more subdued at around
4 per cent. M&M's joint venture in China for manufacturing tractors will
start production shortly. Mahindra
& Mahindra is acquiring one of the units of Amforge and will merge it
with a subsidiary. The subsidiary will in turn acquire the present forgings
and machining operations of M&M to emerge as a strong auto ancillary player.
Amforge is the second-largest player in the automobile forgings space after
Bharat Forge. M&M
is in the process of building a strong business in the ancillary space. The
group's ancillary businesses have a turnover of over Rs1,000 crore at present.
With the new acquisition and expansion, this is expected to rise. The ancillary
segment will target more third party business in the future. The
stock declined over 4 per cent after the announcement of the results on the
poor fourth quarter performance. The company says it continues to face margin
pressures as input costs keep rising. The stock closed with losses of close
to 2 per cent. ONGC
was one of the gainers during the day, after the government approved a hike
in natural gas prices. ONGC is expected to gain over Rs2,000 crore from the
price increase. The stock closed with gains of a per cent. On
the other hand, GAIL closed with losses of over 3 per cent. Analysts expect
the price increase to affect the margins of GAIL, which is transports and
markets natural gas. GAIL has announced an increase of 12 per cent in natural
gas prices for power and fertiliser companies. As
expected, Indian Oil announced a sharp decline in fourth quarter profits as
crude oil prices soared and domestic prices were not revised. Fourth quarter
profits more than halved. For the full year, the profits have come down by
30 per cent. The company expects gross refining margin to decline to $5 per
barrel from an overage of over $6 during last year. The stock closed flat. Indian
Oil opened over 460 retail outlets during the year ended March 2005 and the
total number of outlets has crossed the 10,000 mark. The company is planning
to add over 1,000 outlets during the current year. The company also started
its petrochemical operations and claims to have a 28 per cent share in the
LAB market during the previous year. Gujarat
Ambuja Cements plans to acquire a 15 per cent stake in ING Vysya Life Insurance.
The stake acquisition is subject to the approval of insurance regulator IRDA.
The insurance company is a subsidiary of ING Vysya Bank and the transaction
is worth around Rs61 crore. Jet
Airways has introduced two new international and three domestic flights during
the last 2 weeks. The international sectors added to the airline's network
are Chennai — Kuala Lumpur and Mumbai — London. The stock closed
lower. Mid-Cap
Action Mid-cap
stocks continued their correction started by the end of last week. CNX Mid-Cap
200 index closed at 2966, down 26 points. Escorts
gained 5 per cent in early trades on reports that a European financial institution
would infuse over Rs700 crore into the company. The funds will be used for
restructuring the finances of the company. Escorts
is the third largest tractor manufacturer in the country after M&M and
TAFE. It had acquired tractor manufacturing facilities in Europe recently
and is expanding in African and Latin American markets as well. Federal
Bank announced disappointing results for the year ended March 2005. Profits
for the full year have declined over 30 per cent. Total revenues have also
declined by close to 6 per cent. Profits for the fourth quarter increased
by around 30 per cent even though revenues came down by 10 per cent. Shopper's
Stop has decided to take its stake in books retailer Crosswords to 100 per
cent. The company would buy out the 49 per cent stake held by ICICI Ventures.
The stock closed over 2 per cent higher. Mitsubishi
Motors of Japan is looking to expand its partnership with Hindustan Motors.
Mitsubishi will increase the sourcing of components from HM. The Indian company
would also launch more Mitsubishi models in the future. SpiceJet
has introduced new flights on the Delhi-Goa and Mumbai-Goa sector.  Dewan
Housing, Sirpur Paper and Shreyas Shipping were among the best performing
stocks among mid-caps.
SKF
India, Pantaloon Retail and Eicher Limited were among the significant 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
|
6,663.55
|
-
44.17 |
| NIFTY
|
2,072.40
|
-
4.00 |
Last
Update : 30 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| HINDUSTAN
LEVER LTD. |
140.00
|
145.25
|
139.50
|
144.50 |
| BHEL
|
885.00
|
886.00
|
872.50
|
881.25 |
| ONG
CORP LTD |
907.70
|
920.00
|
900.00
|
910.30 |
| CIPLA
LTD. |
288.00
|
292.00
|
287.00
|
289.75 |
| ZEE
TELEF LT |
139.00
|
141.50
|
138.30
|
139.00 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
338.70
|
342.10
|
334.10
|
340.00 |
| DR.REDDY'S
LABORATORIES LTD. |
711.00
|
727.00
|
708.10
|
718.30 |
| HDFC
BANK LT |
541.00
|
543.50
|
533.05
|
540.30 |
| GUJARAT
AMBUJA CEMENTS LTD. |
450.00
|
450.90
|
445.70
|
447.95 |
| RELIANCE
ENR* |
504.90
|
505.90
|
497.00
|
497.90 |
| HINDALCO
IN |
1,170.00
|
1,190.00
|
1,129.00
|
1,133.40 |
| LARSEN
& TOUBRO LTD. |
1,096.00
|
1,096.00
|
1,038.00
|
1,059.85 |
| SATYAM
COMP |
458.00
|
459.00
|
441.50
|
443.65 |
| WIPRO
LTD. |
730.00
|
730.00
|
704.05
|
706.05 |
| TATA
MOTORS |
440.90
|
444.50
|
429.85
|
432.40 |
| ICICI
BANK L |
398.00
|
398.10
|
386.00
|
389.70 |
| BHARTI
TELE |
223.00
|
224.00
|
219.05
|
220.75 |
| ASSOCIATED
CEMENT COMPANIES LT |
384.00
|
384.00
|
373.00
|
374.75 |
| HEROHONDA
M |
583.10
|
583.10
|
566.10
|
569.00 |
| TATA
POWER |
390.00
|
390.00
|
379.50
|
382.40 |
| STATE
BANK OF INDIA |
669.90
|
672.90
|
660.10
|
662.35 |
| I
T C LTD |
1,590.00
|
1,592.00
|
1,554.00
|
1,557.70 |
| RELIANCE*
|
531.00
|
534.90
|
525.25
|
526.65 |
| HOUSING
DEVELOPMENT FINANCE CO |
747.30
|
764.00
|
747.30
|
759.50 |
| GRASIM
INDUSTRIES LTD. |
1,050.00
|
1,140.55
|
1,050.00
|
1,129.55 |
| TATA
IRON AND STEEL CO. LTD. |
365.00
|
365.00
|
360.00
|
360.85 |
| BAJAJ
AUTO |
1,243.00
|
1,243.00
|
1,210.00
|
1,230.05 |
| RANBAXY
LABORATORIES LTD. |
1,110.00
|
1,117.00
|
1,094.00
|
1,100.05 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,225.00
|
2,246.00
|
2,190.00
|
2,227.65 |
| MARUTI
UDYOG |
466.00
|
468.00
|
459.30
|
465.85 |
Last
Update : 30 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| TCS
|
1269.20
|
1333.05
|
1264.00
|
1319.10 |
| INFOSYSTCH
|
2196.10
|
2240.95
|
2190.60
|
2228.00 |
| SATYAMCOMP
|
457.00
|
459.50
|
442.40
|
443.75 |
| SBIN
|
670.00
|
673.00
|
660.00
|
662.25 |
| RELIANCE
|
531.50
|
534.70
|
525.00
|
526.80 |
| ITC
|
1570.00
|
1591.00
|
1551.00
|
1557.45 |
| ONGC |
900.00 |
920.00
|
900.00
|
911.60 |
| TATAMOTORS
|
441.00
|
444.80
|
430.30
|
432.10 |
| MARUTI
|
463.00
|
468.70
|
458.50
|
466.75 |
| TISCO
|
365.00
|
365.00
|
359.75
|
361.25 |
| M&M
|
510.00
|
511.50
|
491.05
|
494.55 |
| RANBAXY
|
1110.00
|
1119.00
|
1093.10
|
1099.95 |
| SAIL
|
54.40
|
55.25
|
54.00
|
54.25 |
| HINDLEVER
|
139.00
|
145.45
|
138.30
|
144.45 |
| GAIL
|
228.00
|
228.00
|
216.10
|
216.60 |
| TATACHEM
|
177.00
|
183.70
|
175.60
|
182.50 |
| LT
|
1084.00
|
1099.75
|
1053.00
|
1058.15 |
| WIPRO
|
724.00
|
725.00
|
705.00
|
707.45 |
| IPCL
|
166.90
|
167.20
|
161.00
|
161.95 |
| BHEL
|
880.00
|
888.90
|
872.00
|
882.45 |
| PNB
|
384.00
|
385.00
|
376.90
|
380.00 |
| HINDPETRO
|
337.00
|
342.50
|
334.20
|
340.10 |
| HINDALC0
|
1180.00
|
1190.00
|
1128.00
|
1133.15 |
| BAJAJAUTO
|
1211.00
|
1236.00
|
1208.00
|
1229.30 |
| REL
|
501.00
|
505.50
|
498.00
|
500.60 |
| BPCL
|
386.00
|
400.00
|
386.00
|
398.10 |
| TATAPOWER
|
389.00
|
389.00
|
379.15
|
382.35 |
| CIPLA
|
289.95
|
292.00
|
287.60
|
289.75 |
| ORIENTBANK
|
264.90
|
266.00
|
260.50
|
262.40 |
| GRASIM
|
1140.00
|
1142.00
|
1126.45
|
1130.05 |
| DRREDDY
|
715.00
|
726.90
|
710.00
|
724.00 |
| HEROHONDA
|
580.50
|
581.70
|
565.25
|
569.35 |
| ACC
|
381.15
|
383.40
|
374.05
|
374.85 |
| GUJAMBCEM
|
449.00
|
451.35
|
445.35
|
447.95 |
| ZEETELE
|
140.00
|
141.70
|
138.05
|
138.85 |
| MTNL
|
118.60
|
121.25
|
117.60
|
118.55 |
| BHARTI
|
225.00
|
225.90
|
219.15
|
220.75 |
| HDFC
|
765.00
|
765.00
|
750.00
|
760.00 |
| ICICIBANK
|
399.95
|
399.95
|
386.30
|
389.70 |
| SCI
|
151.40
|
152.65
|
148.50
|
150.60 |
| TATATEA
|
559.00
|
564.45
|
555.00
|
557.90 |
| HCLTECH
|
367.00
|
373.20
|
356.60
|
358.95 |
| NATIONALUM
|
150.00
|
151.90
|
147.00
|
147.65 |
| HDFCBANK
|
538.20
|
542.00
|
533.00
|
540.20 |
| SUNPHARMA
|
545.80
|
550.95
|
531.00
|
534.10 |
| ABB
|
1308.75
|
1320.00
|
1284.00
|
1309.95 |
| VSNL
|
202.10
|
212.00
|
202.10
|
208.20 |
| DABUR
|
126.70
|
129.90
|
126.50 |
127.80 |
| COLGATE
|
221.00
|
222.90
|
218.00
|
219.10 |
| GLAXO
|
759.00
|
780.00
|
743.55
|
750.60 |
Last
Update : 30 May, 2005, 16:04PM
| 
