BOMBAY, 21 March 2004 — On Monday the BSE closed at 5,520.66. In specific stocks, Hero Honda Motor was one of the big losers of the day. Speculators continued to hammer down the stock on reports that Honda Motors of Japan is planning to launch its own motorcycles in India after its agreement with Hero Honda comes to an end next month. In an otherwise falling market, Bombay Dyeing rose 20 percent amid rumors that the company was close to signing a deal to sell real estate in south Bombay.
On Tuesday the BSE closed at 5,525.90. ONGC was one of the day’s smart gainers. The government priced the public offer at Rs.750 per share. L & T also ended with a modest gain after the company announced that it won a $ 15.6-million contract for the construction of 15-story hotel and service apartments in Bahrain.
Hindustan Lever closed lower after it began offering one shampoo bottle free with every bottle of Sunsilk and Clinic Plus, indicating a 50 percent price cut. CMC was down after the company’s new shares were allotted to shareholders.
On Wednesday, the BSE ended at 5,535.69. Private sector banks were trading firm after the Hindujas approached the government to increase FDI holding in IndusInd Bank to 74 percent. In fact IndusInd Bank was the biggest gainer among banking stocks. Varun Shipping surged on news that the company is planing to list its shares on the Singapore Stock Exchange. Cipla jumped on commencement of trading on renewed buying interest after the company announced that its board might consider a stock split.
MRPL was up on strong buying support following reports that ONGC plans to invest close to Rs.20 billion for adding another three million tons refining capacity to its 9.69-mt refinery.
On Thursday the BSE closed at 5,414.94. Reports that government is reluctant to raise retail prices of petro-products even when the global crude prices are rising led to bearishness. Balrampur Chini Mills has informed the BSE that its board has approved a rights issue at a price of Rs.260 per share.
On Friday the BSE closed at 5,443.44. Of the 1894 scrips traded, 40 managed to advance while 55 percent declined over their previous close.
Sugar stocks surged on reports that production in the major sugar belt, Maharashtra, would fall further in the 2004-05 season and could send sugar prices soaring.
Engineers India was up after the company said it has got a letter of intent from ONGC for a Rs.2.80 billion contract.
Gold was at Rs.6,000/- per 10 gms and silver was at Rs.11,215/- per Kg.
US dollar was at Rs.45.22, pound sterling at Rs.81.01, euro at Rs.56.03, UAE dirham at Rs.12.28, Kuwaiti dinar at Rs.153.22, Bahraini dinar at Rs.119.70, Saudi riyal at Rs.12.04, Qatari riyal at Rs.12.40 and Omani riyal at Rs.117.28.