BOMBAY, 29 August 2004 — On Monday, the BSE closed at 5,033.69.
In specific stocks, Zee Telefilms was one of the biggest gainers as it has emerged as the biggest bidder for BCCI telecast rights. Zee has offered Rs.11.80 billion as compared to ESPN-Star Sport’s Rs.10.75 billion.
Steel stocks plunged after the major steelmakers announced a price cut. Tisco announced a Rs.2,000 per ton cut, SAIL reduced its prices by Rs.1,000 per ton for both its flat and long products. Essar Steel has also reduced sale prices to direct customers by Rs.560 per ton, inclusive of excise duty. Godfrey Phillips gained following the hefty 190 percent dividend (Rs.19 per share on a face value Rs.10) announced by the company’s board for FY 2004. Last year, the company had paid Rs.17 per share.
On Tuesday the BSE closed at 5,067.39.
S&P has improved its outlook on India’s foreign currency rating to “positive” from “stable”, but retained the rating at “junk” grade due to “high public debt and serious fiscal inflexibility”. The rating for local currency has also been revised to “stable” from “negative”, though the agency has voiced concern over the country’s fiscal health, which it said is the weakest among the countries it rates. Larsen & Toubro gained on news that it had secured a coal gasification equipment order from China for Rs.1.87 billion.
The newly listed cement company Ultratech Cemco, a spin-off of the cement division of Larsen & Toubro, made its debut as the most expensive cement company on the bourses.
Hindalco was firm after it announced plans to merge its subsidiary Indian Aluminum Company (Indal), with itself with a share swap ratio of one share of Hindalco for every seven shares of Indal. Face value of these shares would be reduced to Rs.2 from Rs.10 per share.
On Wednesday, the BSE closed at 5,088.56. TCS was listed on BSE at Rs.1,050 and ended the day at Rs.987.50, a modest 16.17 percent premium to its offer price of Rs.850 per share.
On Thursday, the BSE closed at 5,135.45.
Indian Oil was up on reports that the company was close to buying a stake in Indonesian oil and gas firm PT Medco Energi Internasional. There is speculation that it may buy a 40 percent stake worth some $600 million. Other PSU oil refining stocks were up following easing international oil prices.
On Friday, the BSE closed at 5,117.01.
The newly-listed tech giant TCS lost further ground to touch a new low of Rs.958.55 as selling continued on the counter. Of the 1,831 issues traded, 1116 gained and 662 lost.
Gold was at Rs.6,220/- per 10 gms and Silver was at Rs. 10,815/- per kg.
US dollar was at Rs.46.31, Pound sterling at Rs.82.89, euro at Rs. 55.93, UAE dirham at Rs.12.64, Kuwaiti dinar at Rs. 154.73, Bahraini dinar at Rs. 122.16, Saudi riyal at Rs. 12.37, Qatari riyal at Rs.12.57 and Omani riyal at Rs. 119.02.
