LONDON, 1 December 2002 — On Monday, the BSE closed at 3,175.56. This gain was despite a sell-off on the technology stocks counter. Bank stocks continued to remain up following the decision of the Parliament to allow banks to seize defaulters’ assets. Siemens was up when for full year ended Sept. 30, it posted a net profit of Rs.865.6 million (Rs.687.2 million) on total income of Rs.13,464.1 million (Rs.12,094 million). After a long time, activity was seen in Bharat Forge as news came in that the auto ancillary major was planning to acquire a unit in Europe.
On Tuesday the BSE closed at 3,187.76. Telco was a major gainer of the day, touching a new 52-week high of Rs.168.25, riding high on hopes of an improved performance by the company in the current quarter. Reliance Industries was also up after the company announced that it is raising polyester staple fiber capacity by 40,000 tons per annum, thereby raising its total capacity to nearly 850,000 tons a year. UTI Bank was high on news that its investment banker Salomon Smith Barney has received six expressions of interest from overseas investors AIG, ING Barings Private Equity, DBS Singapore and Chrysalis, all vying for a 20 percent stake which UTI bank is offloading.
On Wednesday the BSE closed at 3,174.11. Stocks like Reliance Industries and ITC led the fall. In an otherwise sellers market, L & T surged, ahead of the Securities Appellate Tribunal (SAT)’s decision on the Securities and Exchange Board of India’s (SEBI) stay on Grasim’s open offer for L&T shareholders. And NIIT also managed to end in the positive after it announced winning of a $10 million order from UK-based Misys Independent Financial Advisory Services Plc. PSU National Fertilizers firmed up, following reports that the Fertilizer Ministry had no objection to the disinvestment in the company.
On Thursday the BSE closed at 3,220.75. In specific stocks, ITC climbed on reports that the cigarette major is foraying into biscuits. Grasim slipped, after the Securities Appellate Tribunal (SAT) refused an interim stay on the recent SEBI directive stalling Grasim’s open offer for L&T shareholders, dealing a blow to the A.V. Birla group’s expansion plans in the cement business.
On Friday the BSE closed at 3,228.82. The news of the day was SEBI’s approving derivatives trading in more stocks and authorizing stock exchanges to specify the shares.
Pharma major, Ranbaxy, surged after it announced its decision to cut prices of AIDS drugs even further. Tisco was up. Allahabad Bank got listed on the BSE and closed at Rs.10.10. Kotak Mahindra Finance rose after the company said that it has called an extraordinary general meeting (EGM) on Dec. 30 to consider the proposal to change the company’s name to Kotak Mahindra Bank and raise its authorized capital to Rs.1000 million.
Gold was at Rs.5,220/- per 10 gms and silver was at Rs.7740/- per Kg. US dollar was at Rs.48.24, pound sterling at Rs.74.90, euro at Rs.47.91, UAE dirham at Rs.13.14, Kuwaiti dinar at Rs.159.80, Bahraini dinar at Rs.127.96, Saudi riyal at Rs.12.87, Qatari riyal at Rs. 13.25 and Omani riyal at Rs.125.24.