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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (3662)	2/6/1999 10:33:00 AM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

Indian Stock market update-Who is hot and who is not. Saturday, February 06, 1999 Robust trading activity in Infosys, Wartsila NSD Date: 06-02-1999 :: Pg: 17 :: Col: a Krishnan Thiagarajan EQUITIES at the Bombay Stock Exchange shed 21.07 points on Friday to close at 3215.35 points. The end of the settlement at the BSE saw traders square up a fairly large build-up of long positions and that depressed the overall market sentiment. A few information technology such as Infosys Technologies, Software Solutions Integrated and NIIT and pharmaceutical stocks such as Zandu Pharmaceuticals, Pfizer and Dr. Reddy's continued to hog the limelight during the day's trading. The broadbased BL- 250 Index dipped by 7.2 points (0.9 per cent) to settle for the day at 834.8. The gross turnover at the exchange perked up from Rs. 1,318.75 crores on Thursday to Rs. 1,475.10 crores. The advances to declines ratio stood at 0.53 with 478 stocks appreciating in value, while 888 stocks recorded declines. Among the major gainers during the day's trading were Infosys Technologies and Wartsila NSD India. The Infosys Technologies stock appreciated by Rs. 365.50 to close for the day at Rs. 4,975. The trading volumes have soared from 28,610 shares to 1.22 lakh shares. A good performance for the year ended December 31, 1998 and a healthy order book position of Rs. 150 crores have driven the stock price of Wartsila NSD India by Rs. 13.20 to close at Rs. 273.60. Compared to 86,400 shares traded on Thursday, the trading volumes jumped to 3.16 lakh shares during the day. For the year ended December 31, 1998, the company has recorded a 36 per cent growth in post-tax earnings of Rs. 11.30 crores, along with a 37 per cent growth in turnover to Rs. 208.40 crores. Among the other significant gainers during the day were Digital Equipment, Cheminor Drugs, Moser Baer, Silverline Industries, Pfizer, Aptech, TVS Suzuki, Software Solutions, NIIT and Zandu Pharmaceuticals. The Cheminor Drugs stock appreciated by Rs. 7.90 to close for the day at Rs. 248.60. The trading volumes jumped from 2,455 shares to 22,420 shares. The movement in the stock price has to be seen in the light of US-FDA's tentative approval for Cheminor Drugs ranitidine hydrochloride tablets for the export markets. The Rolta India stock moved up by Rs. 3.35 to settle at Rs. 99.35. The quantity of business transacted has grown from 6.01 lakh shares to 9.05 lakh shares. This sharp jump in trading volumes has to be viewed in the context of the negotiations being undertaken by the company to bag a Rs. 350- crore order from a European telecom company for telecom software. For the second consecutive day, the Silverline Industries stock attracted heightened market activity with the stock price rising by Rs. 8.40 to rest for the day at Rs. 154.80. The trading volumes surged from 7.93 lakh shares to 8.20 lakh shares. The proposed tie-up with Platinum Technologies appears to be driving the stockprice on an uptrend. The Software Solutions Integrated appreciated by Rs. 33.75 to close for the day at Rs. 795. The quantity of business transacted jumped from 6,300 shares to 14,800 shares. Among the major losers during the day were PSI Data Systems, Sterlite Industries, HCL Infosystems, Pentafour Software, Cochin Refineries, Tata Chemicals, Raymond , BPCL and BPL. The PSI Data Systems declined by Rs. 3.25 to settle at Rs. 349.50. The selling pressure in the stock was evident from the trading volumes, which surged from 49,644 shares to 99,450 shares. The Sterlite Industries stock shed Rs. 5.70 to close at Rs. 136.60 accompanied by a sharp rise in trading volumes from 1.11 lakh shares to 2.47 lakh shares. The HCL Infosystems stock shed Rs. 19.75 to rest for the day at Rs. 480 with trading volumes jumping from 2.01 lakh shares to 5 lakh shares. The Cochin Refineries stock dipped by Rs. 3.70 to close for the day at Rs. 141. The quantity of business transacted jumped from 63,700 shares to 1.33 lakh shares. hindubusinessline.com