BOMBAY, 2 December — On Monday the BSE closed at 3,322.77. Infosys was a major gainer of the day, fueled by rumors that the company had bagged a large order from the government of United States. There were also rumors that the tech major is considering a bonus issue to capitalize some of its reserves. Though the company refuted both the rumors, speculators took strong positions in the stock. United Breweries hit the 20 percent upper limit at Rs. 106.25 on talks that it was close to appointing a strategic partner for its beer business.
On Tuesday the BSE closed at 3,287.57. toward the close after a firm opening. Zee Telefilms was the odd stock out, notching up gains based on news that a US-based entertainment major was likely to pick up stake at Rs. 180-185 per share. Reliance Petroleum was also up at Rs. 35 on reports of rising volumes in the derivatives of the stock. Moreover, sentiments were buoyed on expectations of a GDR issue.
Hero Honda Motors touched a new all-time high of Rs. 286.70 on news that the scrip is being included in the BSE Sensex from Jan 7, 2002.
On Wednesday the BSE closed at 3,294. Cipla recovered to Rs. 1,123.05 amid talks that the pharma major had started supplying bulk drug inputs for the manufacture of Omeprazole to Andrx Inc of the United States. This spurred on other pharma stocks such as Ranbaxy Labs and Glaxo which ended in the positive zone. Bhel was down to Rs. 145.25 on reports that the government would continue to hold a majority stake of 51 percent after the proposed 17 percent divestment in the company.
Rayban Sun Optics advanced on reports that the market regulator, Securities and Exchange Board of India, may serve a show cause notice to Luxxottica SpA of Italy, Rayban’s parent company, for failing to make an open offer following its indirect acquisition of a stake in Rayban Sun Optics, formerly, Bausch & Lomb India.
On Thursday which, because of a holiday, was the last day of the trading week, the BSE closed at 3,287.56. Ranbaxy Labs held its gains at Rs. 752.35 after the company announced that its subsidiary Ranbaxy Pharmaceuticals Inc had received US FDA approval for tow of its drugs.
BPL was down at Rs 57.45 due to disappointing first half performance, wherein it posted a 50.14 percent drop in net profit to Rs 20.55 crore.
Thomas Cook (down 4.55 percent to Rs. 267.25) declined after the company’s lead manager (to the open offer) informed the BSE that the open offer by the company’s new parent was oversubscribed and the remaining shares would be returned to shareholders. Players fear that the returned shares may find their way to the stock market, dragging the stock price.
Gold was at Rs. 4,565/- per 10 gms and silver was at Rs. 7,210/- per Kg.
The US dollar was at Rs. 47.96, pound sterling at Rs. 68.45, deutsche mark at Rs. 21.49, euro at Rs. 42.67, UAE dirham at Rs. 13.05, Kuwaiti dinar at Rs. 156.48, Bahraini dinar at Rs. 127.18, Saudi riyal at Rs. 12.79, Qatari riyal at Rs. 13.17 and Omani riyal at Rs. 124.54.