BOMBAY, 28 September 2003 — On Monday the BSE ended the day at 4,151.72. In specific stocks, Cipla saw profit-taking toward the end of the session. During the early trades the stock has surged high on reports that the company has registered about five of its anti-AIDS products in South Africa. Tata Steel was down after the government warned the manufacturers of tough action unless they towed the line and took prompt action to voluntarily stabilize domestic steel prices in a couple of weeks.
Infosys Technologies saw some buying, in anticipation of its forthcoming Q2 performance which is to be announced on Oct. 10. The company has already announced last week that it will consider an interim dividend along with the results.
On Tuesday the BSE ended the day at 4,231.69. Lupin was one of the big losers of the day as it is shifted to the trade-to-trade segment on BSE from Sept. 26. This move was made to curtail excessive speculation and safeguard the investor interests.
ICICI Bank was firm as buying interest resumed. The stock had earlier seen selling after the Finance Ministry turned down the bank’s proposals to raise $300 million through external commercial borrowings.
On Wednesday the BSE closed at 4,356.39.Cement stocks like ACC, Grasim, L & T and Gujarat Ambuja Cements surged upward on reports that the cement companies are preparing for another round of price hike in Mumbai after raising the prices by around Rs.10-12 per bag last Thursday. HCL Infosystems was one of the big gainers of the day. It posted impressive results, for the year ended June 30, 2003, the HCL Info group posted a net profit of Rs. 926.5 million (Rs. 153.6 million).
On Thursday, the BSE closed at 4,297.15. The markets were very volatile on account of unwinding/rollover of positions in the futures market. Hindustan Zinc was up as prices of zinc on the London Metal Exchange were showing a firm trend. Titan Industries surged as the prices of gold surged. A hike in gold prices automatically props up the value of Titan’s gold inventories. Titan markets its jewelry under the Tanishq brand, which is a leader in the $10-billion jewelry market in India. GAIL firmed up on reports that the company is negotiating with Royal Dutch/Shell to buy a 15 percent stake in an offshore gas block in Egypt.
And on Friday the BSE closed at 4,382.57. In specific stocks, Lupin was in the limelight as it has received US-FDA approval for its Abbreviated New Drug Application (ANDA) for Cefotaxime vials. Mid-Day Multimedia leaped up on corporate grapevine that the company will enter film distribution, besides starting a TV channel very soon.
Meanwhile Escorts Limited proposes to delist its shares from Bangalore, Calcutta, Ahmedabad and Madras stock exchanges. It will continue to trade on the Delhi, Bombay Stock Exchange and the National Stock Exchange. Gold was at Rs.5,690/- per 10 gms and silver was at Rs.8,500/- per kg. US dollar was at Rs.45.85, pound sterling at Rs.75.73, euro at Rs. 52.40, UAE dirham at Rs.12.43, Kuwaiti dinar at Rs.154.78, Bahraini dinar at Rs.121.14, Saudi riyal at Rs.12.18, Qatari riyal at Rs.12.55 and Omani riyal at Rs.118.62.
