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SHASUN Chemicals and Drugs was in the limelight on Thursday. The stock gained 1.58 per cent at Rs 87 on the BSE with volumes of 26,050 shares (up from 3,039 shares). On the NSE, the stock closed at Rs 88.25, up 2.5 per cent while volumes increased to 53,992 shares from 4,262 shares.

The talks are that the company is expected to report a substantially better performance for the last quarter. Shasun had already reported a net profit of Rs 9.44 crore in the first three quarters compared to Rs 12 crore reported for the full fiscal of 2001-02.

Dealers said the stock was being looked as good pharma company and the next fiscal would be worth watching for the investment community.

PNB at 52-week high on placement talk

PUBLIC sector Punjab National Bank (PNB) touched a new 52-week high on both the exchanges — at Rs 96.65 on the BSE and at Rs 96.50 on the NSE. However, the stock fell later in the day to close 2.39 per cent lower at Rs 91.85 over the previous close on the BSE. On the NSE, the stock closed at Rs 91, down 2.78 per cent. Volumes were also substantially higher at 36.29 lakh shares on the BSE and 82.12 lakh shares on the NSE.

Dealers said two private sector mutual funds were aggressive buyers even in the dull market. The main factor for the accumulation was the hope that the bank might return part of the capital to the Government in order to dilute the Government stake. After dilution, dealers expect the bank to make a private placement of shares around Rs 120 per share.

Downgrade pulls bank stocks

THE banking sector has been witnessing selling pressure from the market players. Apart from the disappointment over the FII limit in PSU banks (in the Budget), the other factor for depressed sentiment was due to the downgrading of the sector by a leading broking firm. This is one of the first firms that have come out with such report after the Budget. The key concern has been the valuation of most of the banking sector stocks that was not in line with their fundamentals, the broking firm said. This was the reason for the banking stocks remaining depressed on Thursday.

Virendra Verma

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