Financial Daily from THE HINDU group of publications
Friday, Mar 21, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 21, 2003 |
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Markets
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Stock Markets Steel stocks beat Sensex on first day of war Ambarish Mukherjee
NEW DELHI, March 20 AS the US-Iraq war finally broke out on Thursday morning, the steel stocks on Indian bourses went in for a spectacular rally beating the market barometer BSE Sensex by some 0.35 percentage points. While the Sensex posted a whopping 72 points gain marking a 2.30 per cent increase, the average increase in the major steel stocks stood at 2.65 per cent. While the two largest gainers were Tisco and Jindal Strips, other companies like Jindal Iron and Jindal Steel too, posted decent gains. On the other hand, the prices of SAIL and Essar Steel stocks went up only marginally while Ispat Industries became the only steel company to record a loss while every other steel maker posted gains. According to brokers, "most Indian companies are exporting to China and that export remains unaffected added with prospects of much higher exports in the new fiscal. Many people who missed the steel rally are now getting in to steel expecting to profit from it. The market had already discounted the war and is now reacting to what may happen post war." According to a senior official in one of the steel companies, there had been substantial buying in the steel stocks because people are now sure that steel rally is not a bubble and there is huge amount of churning of portfolio. Also the demand scenario is playing as a major determinant, he said.
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