BOMBAY, 2 June — On Monday the BSE closed at 3,243.41. Heavyweight pivotals Reliance Petroleum, Reliance Industries, State Bank of India and ITC contributed significantly to the weakness of the Sensex. Hindustan Lever was up due to buying by financial institutions. Balaji Telefilms was also up. For FY 2001-02, it posted a net profit of Rs.290.1 million (Rs.43.5 million). PSU stocks such as Hind Organic Chemicals, State Trading Corp. and Balmer Lawrie surged on divestment hopes. On Tuesday the BSE closed at 3,146.83.
Also, the Enforcement Directorate (ED) prosecuted 20 foreign institutional investors (FIIs) on forex violation charges. Kinetic Motor Company was down at Rs.44.70 when for FY 2001-02 , it posted a 10.75 percent fall in net profit. Centurion Bank was up on rumors that it was soon to be taken over by HDFC Bank.
On Wednesday the BSE closed at 3,160.24. Hughes Tele.com ended the day at Rs.6.40 when it managed to trim its losses for FY 2001-02 at Rs.1,485 million as against Rs.2,088 million last year. VSNL finished lower following the VSNL board’s decision to invest up to Rs.12,000 million in Tata Teleservices. And for FY 2001-02, it reported a 20.88 percent fall in net profit. Paint major, Asian Paints was up at Rs.301.45 when for FY 2001-02, it posted a modest 8.26 percent rise in net profit.
On Thursday the BSE closed at 3,135.89. Players attributed part of the selling pressure to unwinding of stocks following the expiry of May 2002 series futures contracts on the BSE and NSE.
Tata Iron & Steel Company (Tisco) ended flat when for the year 2001-02, it posted a 62.98 percent fall in net profit to Rs.2,049 million on sales of Rs 67,935.3 million. Another steel giant to declare the results was PSU Steel Authority of India (Sail), India’s largest steel unit. For FY 2001-02, it recorded a loss of Rs.17,068.9 million.
On Friday the BSE closed at 3,125.73. Sentiments were affected by data which showed offshore funds have turned sellers of Indian shares this week, selling $47.7 million on Tuesday and Wednesday. Oil and Natural Gas Corporation fell after its board meeting did not announce any special dividend. It announced a dividend of Rs.14 per share, up from last year’s Rs.11.
TISCO was up after it announced a hike in its steel prices by Rs.500-800 per ton, effective from June 1, marking its third price increase since April.
Zee Telefilms was in the news after its board approved the hike in FII investment limit from 30 percent to 49 percent. So was ICICI Bank after it replaced ICICI in the BSE Sensex. Tata Chemicals for Q4 turned around with a net profit of Rs.241.2 million. IDBI for FY 2001-02 posted a 38.64 percent fall in net profit.
Gold was at Rs.5,385/- per 10 gms and silver was at Rs.8310/- per Kg. US dollar was at Rs.49.01, pound sterling at Rs.71.80, euro at Rs.45.92, UAE dirham at Rs.13.34, Kuwaiti dinar at Rs.160.99, Bahraini dinar at Rs.129.97, Saudi riyal at Rs.13.07, Qatari riyal at Rs.13.46 and Omani riyal at Rs.127.27.
