Financial Daily from THE HINDU group of publications
Saturday, Mar 08, 2003
Financial Daily from THE HINDU group of publications Saturday, Mar 08, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground FMCG entry helps ITC buck trend
ON a dull day when there was selling pressure, cigarette major ITC bucked the trend. The firmness in ITC counter was mainly attributed to the domestic institutions buying. Dealers said the domestic institutions are looking for defensive stocks such as ITC. Another factor for the increased interest in the counter was the company plans to enter into various FMCG businesses such as grocery items, safety matches, ready-to-cook items and others, dealers said. Talks are that these products are getting good response from the cities where they have already been launched. Dealers felt that the company may enter into more FMCG segments in the next few quarters thus hedging with its core business of cigarette. On Friday, ITC gained one per cent at Rs 642 with volumes of 78,246 shares on the BSE. On the NSE, the stock closed at Rs 637.50, up 0.39 per cent with volumes of 92,179 shares.
Funds fancy Castrol
ANOTHER MNC stock that caught the eyes of institutions was lubricant major Castrol India. The counter saw volumes of 29,093 shares on Friday on the BSE, up from 19,433 shares traded on Thursday. Similarly on the NSE, volumes increased from 27,586 shares to 51,063 shares. Along with improved volumes, the stock closed firm at Rs 191.20, up 3.35 per cent on BSE. On the NSE, the stock closed at Rs 191.40, up 3.21 per cent. Dealers said the institutions consider Castrol as defensive buying at a time when the entire market is falling. They said the institutions have even ignored the increase in oil price that could have impact on the margins.
Hero Honda continues slide
THE concern over the future growth of Hero Honda continued to haunt the stock. On the BSE, the stock closed at Rs 212.70, down 4.90 per cent with volumes of 1.72 lakh shares. On the NSE, the stock closed at Rs 212.55, down 4.96 per cent with volumes of 3.13 lakh shares. Dealers said most of the institutions are shifting from Hero Honda to Bajaj Auto and TVS Motor. The talks are that these companies have better growth potential as compared to Hero Honda.
Virendra Verma
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