Financial Daily from THE HINDU group of publications
Sunday, Apr 20, 2003
Financial Daily from THE HINDU group of publications Sunday, Apr 20, 2003 |
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Investment World
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Stock Markets Markets - Commentary HDFC Bank perks up on improved results G. Madhan
WIPRO (Rs 884): The stock price of Wipro dropped by 4.8 per cent this week. This has to be seen in light of drop in the net profit of the company, due to the pressure on margins, for the quarter ended March 2003. The net profit during the period fell by 2.5 per cent to Rs 225.4 crore, from the corresponding prior period. However, revenues for the period quarter increased by 31.6 per cent to Rs 1,237.7 crore. Infosys Technologies (Rs 2,966): The share price of Infosys Technologies which was hammered at the bourses last Thursday and Friday on the back of lower-than-expected earnings guidance, managed to stage a comeback this week. The stock price surged 13.3 per cent this week. HDFC Bank (Rs 246): The stock price of HDFC Bank grew by 3.6 per cent this week. This has to be seen in the context of good financial performance registered by the company in the quarter ended March 2003. Higher income from non-fund based activities coupled with an improvement in interest spreads has enabled the bank to record a 29.2 per cent growth in net profit at Rs 116.6 crore for the period as compared to Rs 90.24 crore in the corresponding period of the previous year. Cosmo Films (Rs 71): The stock price of Cosmo Films zoomed this week by 14.9 per cent on the back of impressive financial performance for the year ending March 2003. The company reported a net profit of Rs 40 crore compared with a net profit of Rs 17.6 crore in the corresponding prior period. Tata Steel (Rs 132): The share price of steel major Tata Steel tumbled this week following reports of a fall in the international price of flat and hot rolled coil. The stock was down by 3.6 per cent this week. Bharat Electronics (Rs 227): The stock price of the state-owned Bharat Electronics rose this week by 8.5 per cent. The company has posted a record high provisional turnover of Rs 2,571 crore for 2002-03. This is an increase of 32 per cent over last year's turnover of Rs 1,942 crore. The profit before tax is estimated at Rs 395 crore up 39 per cent over last year's Rs 285 crore. Hindustan Petroleum (Rs 295): The stock price of oil refinery major HPCL dropped by 3.1 per cent this week. The Supreme Court on Monday issued a notice to the Centre on a public litigation challenging the legality of the Government's decision to privatise public sector oil firms Bharat Petroleum and Hindustan Petroleum without taking parliamentary approval. Earlier, the Government decided to sell its 34.01 stake in HPCL to a strategic buyer. Top gainers & losers The top five gainers of the week are Modipon (32.4 per cent), Hindustan Composites (31.5 per cent), Helios & Matheson Info (29.2 per cent), Dawn Mills (23.8 per cent) and Betala Global Securities (21.9 per cent). The top five losers of the week are Madhucon Projects (30.9 per cent), Themis Medicare (22.3 per cent), Astra Microwave (16.3 per cent), Foods & Inns (13.6 per cent) and Grabal Alok Impex (13.4 per cent).
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