BOMBAY, 30 November 2003 — On Monday the BSE ended the day at 4,822.15. In specific stocks, Wipro was down after the US state of Indiana decided against awarding a $15 million contract to TCS America, the US arm of TCS. Bharat Forge saw a lot activity after the company said it had acquired Carl Dan Peddinghaus GmbH (CDP), one of Germany’s biggest firms. MRPL firmed up on news that the company was planning to pre-pay debt worth Rs.25.00 billion.
On Tuesday, the market was strong after India and Pakistan announced a cease-fire. The BSE ended at 4,894.59. Reliance Industries saw buying on reports that the rise in demand for polyester would push up the price of its key raw material, purified terepthalic acid (PTA), in global markets. Gujarat Ambuja Cements slipped on reports that the company’s equity base may expand with bondholders, who subscribed to its foreign currency convertible bonds three years ago, were seeking conversion of their holding into equity. Tata Telecom was also up outlook. Apollo Tires lost ground after French tire major Michelin picked up a 14.9 percent stake in the company.
The market was closed on Wednesday.
On Thursday, the BSE closed at 4,989.04. Maruti Udyog was up after the company said it will take a decision on raising prices of its cars by the end of December. Bharti Tele-Ventures was the biggest loser in the Sensex despite a huge block deal of 60 lakh shares on the counter in afternoon trades.
IT stocks, Infosys, Wipro and Satyam Computer advanced on sustained buying interest following an improved outlook for the technology sector on the back of improvement in the US economy.
Birla Copper, a division of Hindalco was down after it announced that it has cut production due to problems at its plant in Gujarat. It exports nearly half of its copper production.
Vijaya Bank was up after the board of directors of the bank recommended payment of interim dividend of 10 percent for the financial year ended March 31, 2004.
On Friday the BSE closed at 5,044.82.
Shipping stocks like GE Shipping, Shipping Corporation and Varun Shipping were very much in demand due to a sharp rise in the international freight rates. Yet analysts say that there are indications that bulk rates may fall in 2004 due to a rise in the supply growth.
Gold was at Rs. 5,970/- per 10 gms and silver was at Rs. 8,670/- per kg.
US dollar was at Rs.45.54, pound sterling at Rs.78.28, euro at Rs.54.81, UAE dirham at Rs.12.45, Kuwaiti dinar at Rs.155.23, Bahraini dinar at Rs.121.31, Saudi riyal at Rs.12.19, Qatari riyal at Rs.12.56 and Omani riyal at Rs.118.75.
