BOMBAY, 9 June — On Monday, the markets closed at 3,161.09. Tata stocks were in the limelight. Tata Iron & Steel Company (Tisco) was up on news that it had hiked its product prices by Rs.800 per ton. Telco was also up. In the IT sector, HCL Technologies was in the news following acquisition of Gulf Computers Inc. in the US. Hero Honda Motors recorded modest gains after a 38.65 percent rise in motorcycle sales for May 2002. Bajaj Auto saw selling after the company warned that the grim power situation in Maharashtra could affect its June 2002 sales.
On Tuesday the BSE closed at 3,191.60. Hindustan Lever was a major gainer following its launch of ayurvedic products. Reliance Industries also rose after raising some prices for partially oriented yarn, polyester staple fiber and purified terephthalic acid. Adlabs Films saw investment buying on news that it will set up a multiplex in south Bombay and also has plans to enter the film production business. Indian Oil was down.
On Wednesday the BSE closed at 3,255.52. Telco continued to move up. Ranbaxy rose on news of a deal to acquire a healthcare brand from Procter & Gamble, Germany.
VSNL was down following the government and Tata group’s row over the decision to invest Rs.12.00 billion from VSNL into Tata Teleservices.
Shipping Corporation of India lost ground on the reports that its rising share price may hit its divestment plans as a buyer will now need some Rs.15.50 billion in order to acquire the government’s 51 percent equity stake.
On Thursday the BSE closed at 3,259.31. For FY 2001-02, Telco posted a lower loss of Rs.537.3 million compared to a loss of Rs.5,003.4 million last year.
Grasim declined because of a water shortage causing it to stop production at its Staple Fiber Plant. Nelco was up. Apollo Tires was frozen at the 20 percent upper limit.
On Friday the markets closed at 3,217.76. Rumors of the Enforcement Directorate (ED) raids on a leading FIIs also affected the sentiment. Out of the 1,706 issues traded on the exchange, declines out-numbered advances, with 1,087 losers and 509 gainers. 110 issues remained unchanged. Ranbaxy was down to Rs.778.30 after Pfizer Inc. sued the company for allegedly infringing on the US drug company’s patent on the anti-fungal drug, Diflucan.
Weakness continued in PSU stocks amid fears that the ongoing VSNL-government tiff may jeopardize the latter’s divestment program.
Wimco rose, after the Securities and Exchange Board of India (SEBI) asked the company’s parent, Swedish Match, to make an open offer to buy 20 percent additional equity stake in its Indian arm at Rs.35 per share. Voltas was up on the reports that Voltas International, a 100 percent subsidiary of the company, had bagged a $54-million order from Abu Dhabi government to build a central cooling plant and the infrastructure for the Conference Palace Hotel.
Gold was at Rs.5,350/- per 10 gms and silver was at Rs.8,425/- per Kg.
US dollar was at Rs.49.04, pound sterling at Rs.71.41, euro at Rs.46.00, UAE dirham at Rs.13.35, Kuwaiti dinar at Rs.161.10, Bahraini dinar at Rs.130.05, Saudi riyal at Rs.13.07, Qatari riyal at Rs.13.47 and Omani riyal at Rs.127.34.
