BOMBAY, 12 May — On Monday the BSE closed at 3,384.35. Tata Iron & Steel (Tisco) moved up on hopes of improved quarterly results, riding on rising domestic steel prices.
BHEL was up on reports that it had bagged a $55 million order to set up a 140-MW gas-based power plant in the Sultanate of Oman.
Zee Telefilms saw selling following a directive from the Reserve Bank of India (RBI) that foreign institutional investors (FIIs) would have to obtain its permission to buy further shares of the company, as the 28 percent ceiling had been reached.
On Tuesday the BSE closed at 3,423.75. Telco was in the limelight helped by rising sales of Indica. Zee Telefilms was up on news that it has called an extraordinary general meeting on May 29, 2002 to consider an increase in the investment limit for FIIs in the company to 49 percent from the present 30 percent.
ICICI Bank spurted on renewed buying, following the reports that it is in talks with FleetBoston Financial of US to sell a part of the 16 percent stake held by ICICI in the bank.
Punjab Communications was frozen at 20 percent upper limit at Rs.66 on reports that the Punjab state government wants to reduce its stake in it to 26 percent in a phased manner from the current 69 percent.
On Wednesday the BSE closed at 3,435.06. Cement stocks were in the limelight on news that India’s cement dispatches rose by 11.6 percent in April 2002 and cement output rose by 10.8 percent. Tata Iron & Steel was up at Rs.120.70. Godrej Consumer Products was up at Rs.85.
Ashok Leyland saw investment buying when for Q4, as against the expectation of a drop in performance, it posted a moderate 0.63 percent rise in net profit and declared a dividend of 45 percent for FY 2001-02.
Carrier Aircon gained ground after its MNC parent’s offered to buy out the remaining shares held by the Indian shareholders at Rs.100 per share.
On Thursday the BSE closed at 3,462.01. PSU stocks were in demand as the government is to make a decision next week regarding privatization of Maruti Udyog and IPCL.
In fact IPCL advanced to a two-year high of Rs.128.70 on hopes of an imminent divestment in the company. J & K Bank rose to a new high of Rs.102.50, after the bank announced a 55.04 percent rise in net profit for Q4. ITC Hotels declined.
For the year ending March 31, 2002, the company posted a loss of Rs.31.2 million.
On Friday the BSE closed at 3,431.32. VSNL was one of the major losers of the day following the reports that the Tata group’s open offer for acquiring 20 percent stake in the company at Rs.202 per share is likely to be oversubscribed by about 50 percent. Tata Chemicals was up to Rs.49.25.
Gold was at Rs.5,170/- per 10 gms and silver was at Rs.8,010/- per Kg.
US dollar was at Rs.49.00, pound sterling at Rs.71.45, euro at Rs.43.80, UAE dirham at Rs.13.33, Kuwaiti dinar at Rs.160.14, Bahraini dinar at Rs.129.86, Qatari riyal at Rs.13.45 and Omani riyal at Rs.127.17.