BOMBAY, 17 June — On Monday the BSE closed at 3,509.32 and the NSE at 1,131.10. Tata Infotech rose despite reports last week of incidents of insider trading before the announcement of FY 2001 results. For the year ending March 31, 2001, the company posted a 117.54 percent rise in net profits to Rs. 26.54 crore. Aptech was down due to its restructuring plans. Videocon International was up after the company announced that its market share in color TV advertisement had gone up to 25 percent. Voltas was up when the company announced a joint venture with Fedders Corporation for the manufacture of room air-conditioners in India.
On Tuesday the BSE closed at 3,498.39 and the NSE at 1,127.15. Profit booking was seen on the counters of Hindalco, State Bank of India, ICICI, MTNL, HPCL and BHEL. Selling was seen on pivotals like ACC, Nestle, BSES, Colgate, Ranbaxy Laboratories, Tata Steel and Cipla. Other IT stocks like Satyam Computers and NIIT recovered.
UTI Bank was frozen at the 8 percent upper limit of circuit breaker because it may sell up to a 20 percent stake to a foreign buyer. The bank officials are believed to have held talks with Citigroup, Fortis, and Commonwealth Development Corporation (CDC).
Hinduja Finance also saw buying after a change in name to Hinduja TMT. Foseco India also rose after SEBI’s takeover panel directed BP Amoco, Foseco’s new parent, to make an open offer to its shareholders within 45 days. Foseco India, a Castrol group company, came under BP Amoco after the latter took over Burmah Castrol worldwide.
On Wednesday the BSE closed at 3,501.61 and the NSE at 1,127.50. Cement and automobile stocks saw selling as did IT stocks. Pivotals like Tisco, Reliance Petroleum, Colgate, ICICI and Castrol were down. VST Industries was firm after reports that British American Tobacco (BAT) with a 32 percent stake in the company expressed its intention to raise its stake in the company.
Philips India posted gains on renewed buying as rumors of an offer from the company’s Dutch parent resurfaced.
On Thursday the BSE closed at 3,453.77 and the NSE closed at 1,111.90. There was selling on almost all the counters — infotech, telecom, media, automobile, cement, pharmaceutical and fast moving consumer goods (FMCG) stocks. In the limelight was Zee Tele which announced that it would be converting two of its channels — Zee TV and Zee News — into pay channels.
On Friday the BSE closed at 3,372.94 and the NSE at 1,088.65. SEBI’s approaching deadline hangs like a sword over the markets. And with operators left with no option but to unwind or take delivery, little wonder that there was only selling. Institutional investors were also sellers. Telco was a major loser after announcing for year ending March 31, 2001 a net loss of Rs. 500.34 crore. This is the company’s biggest ever loss. M&M also reached a new 52-week low of Rs. 98.05.
Gold was at Rs. 4430/- per 10 gms and silver was at Rs. 7490/- per Kg. US$ was at Rs. 46.99, Pound Sterling at Rs. 66.10, Deutsche Mark at Rs. 20.72, Euro at Rs. 40.73, UAE Dhm at Rs. 12.80, Kuwait Dinar at Rs. 152.48, Bahraini Dinar at Rs. 12.53, Saudi Riyal at Rs. 12.91, Qatari Riyal at Rs. 124.69 and Omani Riyal at Rs. 122.10.