BOMBAY, 9 November 2003 — On Monday the BSE closed at 5,063.03. Gains continued almost across the board even after the Reserve Bank of India left the repo and bank rates unchanged in its review of the Monetary and Credit Policy, against expectations of a cut. Though the banking stocks bore the brunt of this and these stocks saw some profit-taking. Hindalco was one of the major gainers of the day, due to the firm trend in the global aluminum sector.
Cement pivotals ACC, Gujarat Ambuja Cements, Grasim were up on reports that cement majors are planning to hike prices by Rs.5 per bag. Bajaj Auto was up on reports that it had sold 107,115 motorcycles in October 2003, a jump of 29 percent over the same month last year.
On Tuesday the BSE closed at 5,097.84. In specific stocks, Dr Reddy’s Labs rose to a new after the company said it had received final approval from the US Food & Drug Administration to sell amlodipine maleate, the generic version of Pfizer’s anti-hypertension blockbuster Norvasc. Satyam Computer also rose to a new 52-week high on sustained buying interest after Say, the Satyam Computer ADS listed on the NYSE, added $2.83 to $20.93 on Monday. Gujarat Ambuja was up after it registered an 8 percent rise in production and despatches for the month of October 2003.
On Wednesday the BSE closed at 5,064.91. ICICI Bank, Dr Reddy’s Labs, Cipla, Hindustan Lever, ITC, State Bank of India, Bajaj Auto, Grasim, and Bhel all ended lower on selling pressure.
Tata Motors was up on reports that the company had agreed to buy Daewoo Commercial Vehicle Corp., the truck-making arm of South Korea’s Daewoo conglomerate for about 140 billion won ($118 million). The share price of Federal Bank touched a 52-week high amid renewed speculation that ICICI Bank plans to sell its equity stake.
Recently, ICICI Bank sold 0.3 percent in the open market, but has denied offloading its remaining equity holding.
On Thursday the BSE Sensex closed at 5.047.54. Tata Motors saw profit-taking despite the company reporting a 39 percent rise in vehicle sales for October. Reliance Industries stayed firm during lackluster afternoon trades, on the back of sustained buying by market players. Dr Reddy’s Laboratories slipped due to profit booking from institutions.
HDFC dropped on reports that public and private sector banks are planning a 25-50 basis point cut in interest rates on home loans.
On Friday the BSE closed at 4,971.57. In specific stocks, KEC International surged on the back of a new export order worth $36 million.
ITC slipped on reports that global cigarette major Philip Morris had launched the premium Marlboro brand in India. Bongaigaon Refinery & Petrochemicals rose after announcing a tie-up with Reliance Industries to revive its petrochemicals business.
ICICI Bank was also up on reports that it had acquired a UK license and tied up with Lloyds TSB Plc.
Gold was at Rs.5,820/- per 10 gms and silver was at Rs. 8,360/- per Kg.
US dollar was at Rs.45.28, Pound sterling at Rs.75.60, euro at Rs.52.09, UAE dirham at Rs.12.32, Kuwaiti dinar at Rs.153.54, Bahraini dinar at Rs.120.08, Saudi riyal at Rs.12.07, Qatari riyal at Rs.12.43 and Omani riyal at Rs.117.58.
