Financial Daily from THE HINDU group of publications
Wednesday, May 28, 2003
Financial Daily from THE HINDU group of publications Wednesday, May 28, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Fund buying lifts UTI Bank
THE stock of private sector UTI Bank has been attracting significant interest over the past few days. According to dealers, two large mutual funds were seen mopping up the shares of the bank on Tuesday. In fact, the counter witnessed two large block deals on Monday. The buying seems to be have been triggered by renewed rumours about a couple of private banks being interested in picking up strategic stake in UTI Bank. The share price of UTI Bank on Tuesday rose 2.68 per cent on the BSE, closing at Rs 51.70 with trading volumes of 2.84 lakh shares. On the NSE, the stock closed at Rs 51.85, up 2.8 per cent with 7.72 lakh shares being traded.
Renewed fancy in cement stocks
INVESTORS seem to be taking interest in cement manufacturing companies once again. Dealers said that there has been some buying at these counters on the back of an anticipated across-the-board hike in cement prices as in the southern region of the country prices have already started increasing steadily. They added that the buying is expected to gain strength going forward. In terms of individual cases, for ACC in particular, analysts said that the market expects the company to enhance capacity in the next six to 12 months to bridge the demand-supply gap. Meanwhile, stock prices of cement companies remained more or less flat on the bourses on Tuesday. ACC went up marginally by 0.18 per cent on the BSE to close at Rs 140.80 with 3.24 lakh shares being traded and on the NSE, the stock gained 0.06 per cent, at Rs 140.85 with trading volumes of 9.58 lakh shares. Gujarat Ambuja lost 0.82 per cent on the BSE to close at Rs 174.75 with 56,639 shares being traded while on the NSE, the stock was down 0.99 per cent at Rs 175.05 with 1.58 lakh shares being traded. Another cement stock, Shree Cements was down 0.47 per cent at Rs 63.10 on the BSE with 18,839 shares traded and on the NSE, the share price fell 0.08 per cent at Rs 63.30 with 63,994 shares traded.
Neha Kapoor
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