Thursday, September 08, 2005

Sensex finishes above the 8050-mark for first time in its history


The BSE Sensex ended a historical session of trading with a gain of 105.78
points or 1.33% to 8052.56 points, which is its maiden closing above the
8000-mark. The Sensex had hit a new lifetime high of 8,060.26 points
intra-day on fresh buying emerging at higher levels. The low for the day was
7957.35 points.
The NSE Nifty also ended at a new high of 2454.45 points, registering a gain
of 25.80 points or 1.06%. The key trigger was provided in the form of crude
oil prices that have been cooling consistently due to constant efforts made
to restore the US oil production. Crude oil is trading at US$ 64.75 a
barrel, in the after hours access trading on the New York Mercantile
Exchange, Nymex. Also Gulf oil producers have so far restored 5,70,000
barrels of daily production, which were lost to the storm. The sustained
buying support from the FIIs and mutual funds provided the trigger. The Dow
Jones and Nasdaq also ended with overnight gains. The total turnover by the
end of the day amounted to Rs 3,664 crore, which is higher than Rs 3,219
crore on Tuesday (06 September 2005).
The advance decline ratio ended positive, with 1,426 shares ending in the
positive while 1182 ending negative. 57 shares remained unchanged. Among the
Sensex stocks, 24 stocks closed in the positive while only 4 stocks ended
lower. Bajaj Auto was the biggest gainer in the Sensex, up 4.5% to Rs 1,534,
on volumes of 5.61 lakh shares. HDFC added 3.90% to Rs 937.05 while ICICI
Bank added 3.80% to Rs 506.50. Wipro was the biggest loser, down 1.14% to Rs
373, on volumes of 3.01 lakh shares. Ranbaxy Labs lost 1% to Rs 541 and ITC
lost 0.30% to Rs 1825.15. Among the indices, the BSE Midcap index closed at
an all time high, up 0.80%, and the BSE Small Cap index ended up 0.82%,
while the BSE Oil and Gas Index ended firm, up by 1.05%, after the recent
hike in the prices of petrol and diesel. The BSE Metal index ended up 0.36%,
the BSE IT index was up 1.40%, the BSE FMCG index up 0.25%, the BSE Auto
index was up 1.80% while the BSE PSU index was up 0.50% among others. Among
the turnover toppers, Bharti Televentures ended with a turnover of Rs 303.56
crore followed by Sterling Biotech with Rs 298.79 crore and Reliance
Industries ended with Rs 196.67 crore. Among the side counters, Ion
Exchange, Action Finance, Elgi Equipment, Prime Securities, Relaxo Footwear,
Vision Corporation, Mefcom Agro, Victory Paper, Khaitan Chemicals, and Mahan
Industries among others all surged 20% each. While Scandent Solutions
slumped 16% to Rs 244 and Mirch Impex, Om Metals, Net Link Solutions and
Vintage Card among others all shed close to 10% each.

Himatsingka Seide flares up on liberal bonus issue


Himatsingka Seide is currently up 5.75% to Rs 614 on volumes of 67,599
shares. The day's range is between Rs 674 (a new 52-week high) and Rs 610 on
BSE so far. The stock galloped from the close of Rs 388 on 3 August 2005 to
close at a high of Rs 580.65 on 6 September 2005 on expectation of a liberal
bonus issue. Himatsingka Seide's board, in a meeting held today, approved a
liberal 1:1 bonus issue for equity shareholders. Also the board approved a
1:2 stock split. Himatsingka Seide's board also approved a $60 m
GDR/FCCB/equity issue and hike in FII limit to 40% from 24% earlier. The
company recently said it plans to invest Rs 400 crore in setting up a bed
linen fabrics unit and that, on reaching full capacity, the turnover of the
unit will be about Rs 475 crore.
Construction activity at the new bed linen fabrics unit is expected to start
by September 2005, and the project is likely to be completed within 12
months, the company said. The company had sales of Rs 137.98 crore for the
full year FY 2005 (year ended 31 March 2005). Himatsingka Seide is an 100%
EOU, manufacturing and marketing natural silk fabric. Its products are
well-received in the highly sophisticated markets of Europe and the US. For
Q1 June 2005, the company posted a 11% growth in net profit to Rs 11.27
crore (Rs 10.11 crore). Net sales rose 11% to Rs 34.17 crore (Rs 30.79
crore).

Provogue surged today following the release on bail of director Salil Chaturvedi on Tuesday.


The scrip today touched a high of Rs 204 in early trades, but, by 10:22 IST,
was higher than its TuesdayÂ’s closing mark of Rs 189.50 by 5.77%, at Rs
200.80. The scrip has been on a sustained fall since 11 August 2005, when it
closed at Rs 241.60. By 29 August 2005, it had hit a low of Rs 176.65. It
then started upward again. The stock came into the news recently when
company director Chaturvedi was convicted on charges of possession of
cocaine under the Narcotic Drugs and Psychotropic Substances (NDPS) Act. His
subsequent release on bail (on 6 September 2005) perked up the stock. It may
be recalled that the police had interrogated Chaturvedi following the arrest
of the manager of Provogue Lounge, Vishal Meghnani, on drug charges earlier
in July. Provogue operates in two core segments: designing and
manufacturing, and selling of branded ready-made garments and accessories
under the brand, Provogue, which has been positioned as a fashion label in
the Indian domestic market. Provogue derives half of its sales and profits
from branded retailing. Provogue came out with an IPO in mid June 2005 to
finance the expansion of the company's retail stores and its garment
manufacturing and design capabilities. The company earned a net profit of Rs
7.21 crore on sales of Rs 115.02 crore in FY 2005 (year ended 31 March
2005).

Strong advance-decline ratio as Sensex surges past 8000-mark


The Sensex finally crossed the much-awaited psychological 8000-level in
early trades on all round buying interest. The key trigger was provided in
the form of crude oil prices, that have been cooling off consistently due to
constant efforts that have been made to restore US oil production. Crude oil
was trading at USD 64.75 a barrel in after-hours access trading on the New
York Mercantile Exchange (Nymex). Also Gulf of Mexico oil producers have so
far restored 5,70,000 barrels of daily production, which was lost to the
storm. The Sensex hit a new lifetime high of 8014.48 points early today. It
is now at around 8,008 points, up 61 points. The low for the day was 7957.35
points. The NSE Nifty is currently trading higher by 16 points at 2446
points.
Total turnover so far totaled Rs 521 crore.
The advance-decline ratio was strong, at close to 3:1. About 1,685 shares
were in the positive and 547 were in the negative. 51 shares remained
unchanged. Among the turnover toppers, Reliance Industries headed the list
with Rs 52.47 crore, followed by Sterling Biotech with Rs 24.02 crore, and
GTC Industries with Rs 15.50 crore by now. Among the side counters, Mefcom
Agro, Victory Paper, Khaitan Chemicals, and Mahan Industries all surged 20%
each. Mirch Impex, Garnet Construction and Surya Roshni all shed close to
10% each. SRF was trading firm, up by 2.25%, on volumes of 3.71 lakh shares
after reports that it has signed a deal to sell 5,00,000 carbon credits to a
unit of Royal Dutch/Shell. The value of the deal was not known. Provogue
futher extended its rally, and was higher by 4.85% to Rs 199.05 on volumes
of 1.26 lakh shares after the news of the release of the director, accused
in the cocaine case, on bail on Tuesday.

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