Sunday, October 23, 2005

Early volatility on bourses; Ranbaxy loses further ground


After opening on a firm note, the Sensex soon lost ground and it slipped
into the red. Ranbaxy Laboratories dropped for the second day in a row after
the company reported a sharp fall in Q3 September 2005 net profit. Select
stocks edged higher on the back of strong Q2 results. Stocks like Ashok
Leyland, Shoppers Stop, and Jyoti Structures edged higher on the back of
strong Q2 results. UltraTech Cement dropped after it reported Q2 September
2005 results.

Auto shares firmed up. Gujarat Ambuja Cements (GACL) surged.

Market breadth was positive. 951 stocks advanced on BSE as compared to 636
stocks that declined. 38 scrips were unchanged. Gainers outpaced losers by a
ratio of 1.4:1.

At 10:19 IST, the Sensex was down 13 points to 8,055. The barometer index
moved 93.13 points in early trade, between a low of 8,033.14 and a high of
8,126.27.

Ranbaxy lost 3% to Rs 377. Ranbaxy’s net profit plunged 91% in Q3 September
2005 to Rs 18.40 crore (Rs 200 crore). Its revenue fell 3% to Rs 1304 crore.

Dr Reddy’s Laboratories shed 1.2% to Rs 829.

Housing finance major HDFC dropped for the second day in a row. The stock
shed 1.1% to Rs 914.

GACL rose nearly 3% to Rs 70.70. 1.6 lakh shares changed hands in the
counter on BSE.

Ashok Leyland jumped nearly 5% to Rs 28.50 boosted by strong Q2 September
2005 results. Ashok Leyland’s net profit jumped 74% in Q2 September 2005 to
Rs 75.01 crore (Rs 43.06 crore). Net sales rose 36.6% to Rs 1,250.09 crore
(Rs 914.76 crore).

Bajaj Auto advanced nearly 2% to Rs 1,774, car major Maruti Udyog gained
1.4% to Rs 565.70, and Tata Motors gained 0.78% to Rs 516.60.

Satyam Computer Services advanced for the third day in row on the back of
robust Q2 results and an upward revision in FY 2006 earnings and revenue
guidance. The stock gained 1.6% to Rs 603.70.

Index heavyweight Reliance Industries lost 0.7% to Rs 765. 4.3 lakh shares
changed hands in the counter on BSE.

source:capitalmarket

Jyoti Structures jumped 4.6% to Rs 272 on the back of robust Q2 September 2005 results


3,418 shares changed hands in the counter on BSE by early trade.

The stock edged slightly higher to Rs 260.05 on Friday 21 October 2005 on
the eve of the results announcement from Rs 259.15 on 20 October 2005. A day
back i.e. on 20 October 2005, the stock had jumped 5.3% to Rs 259.15.

Jyoti Structures’ net profit jumped 255% to Rs 5.29 crore (Rs 1.49 crore).
Net sales rose 93.4% to Rs 158.49 crore (Rs 81.94 crore).

Jyoti Structures undertakes design, survey, manufacturing and supply of
transmission line towers, foundation, erection of towers, supply of bought
out items such as conductors, insulators and hardware accessories, stringing
of conductors, testing and commissioning of transmission lines.

Reliance Energy holds 20 lakh shares, or a 14.47% stake, in the company.

Ashok Leyland jumped nearly 5% to Rs 28.60 boosted by strong Q2 September 2005 results


2.8 lakh shares changed hands in the counter on BSE.

Ashok Leyland’s net profit jumped 74% in Q2 September 2005 to Rs 75.01 crore
(Rs 43.06 crore). Net sales rose 36.6% to Rs 1,250.09 crore (Rs 914.76
crore).

Strong volume growth led to robust Q2 results.

Ashok Leyland’s total vehicle sales jumped 27.2% in the month of September
2005 to 5,875 units from 4,617 units in September 2004. Domestic sales rose
26.6% to 5,284 units from 4,173 and exports climbed 33% to 591 units.

Recently, Ashok Leyland disposed off its castings unit at Hyderabad, namely
Ductron Castings, to Ennore Foundries as a going concern.

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