BOMBAY, 17 February — On Monday the BSE Sensex ended the day at 3,515.45. Telco touched a new 52-week high of Rs. 148.60 on reports that it may end FY 2002 selling about 60,000 Indica cars, an anticipated 36.95 percent rise over sales for FY 2001. Hindustan Lever (HLL) was also up.
On the other hand, MTNL lost ground on reports that the divestment of the PSU basic and cellular services provider may not take off soon in view of the proposed regulatory changes in the telecom sector.
IPCL rose on news that due diligence was completed by three short-listed bidders — Reliance Industries, Indian Oil and Nirma.
On Tuesday, the the BSE Sensex ended the day at 3,497.68. Cigarette major, ITC was a major loser of the day as reports came in that its sales in the first nine months of FY 2002 had dropped by 11 percent.
Reliance Petroleum was one of the biggest gainers of the day on hopes that it may soon emerge as the strongest contender for the government’s stake in BPCL and HPCL when they are put on the block three months after the dismantling of the administered price mechanism (APM) for petroleum products.
Ashok Leyland rose after the company announced that it had hiked the prices of its vehicles by up to 1.5 percent. Philips India ended slightly lower after the it announced FY 2001 results toward the close of the session wherein it posted a net loss of Rs. 21.10 crores.
On Wednesday the BSE Sensex ended the day at an 8-month high of 3,519.87. Reliance Petroleum and Reliance Industries ended with gains on reports that the Reliance group may bid for the PSU shipping major Shipping Corporation of India. ONGC was high at Rs. 214.55 on rumors that it may announce a one-time dividend of Rs. 70 per share before the end of FY 2002.
IBP remained steady at Rs. 873.20 after Indian Oil announced that it would make an open offer to the public shareholders of the company for an additional 20 percent equity stake, at a price of Rs. 1,551.10 per share.
On Thursday the BSE ended the day at 3,557.06. The moods turned bullish on news that the FIIs have turned net buyers in recent sessions. FII inflows in February 2002 so far have reached Rs. 700.10 crores.
PSU stocks were in the limelight on hopes of further divestment and continued economic reforms in the run-up to the Union Budget, which is scheduled for Feb. 28.
Shipping Corporation of India ended firm at Rs. 60.35 after touching a new 52-week high of Rs. 61.50 on hopes of an imminent divestment of the government stake.
On Friday, for the first time in over 8 months, the BSE ended the day at 3,602.02. PSU and financial sector stocks remained in the limelight. Cement stocks were up on hopes of a renewed emphasis on housing, rural development and infrastructure in the forthcoming budget.
Kotak Mahindra Finance touched a 52-week high of Rs. 105. The company has obtained tentative approval to become a commercial bank.
Gold was at Rs. 4970/- per 10 gms and Silver was at Rs. 7550/- per Kg.
US$ was at Rs. 48.61, Pound Sterling at Rs. 69.64, Deutsche Mark at Rs. 22.18, Euro at Rs. 42.47, UAE Dhm at Rs. 13.23, Kuwaiti Dinar at Rs. 158.06, Bahraini Dinar at Rs. 128.93, Saudi Riyal at Rs. 12.94, Qatari Riyal at Rs. 13.35 and Omani Riyal at Rs. 126.25.