Wednesday, February 25, 2009

Stock News - 25-02-09


After staging a strong recovery on Tuesday, Indian markets managed to carry the momentum to Wednesday’s trading session as bulls were back on the bourses.

India market had started off with a positive bias on account of a sharp rally in the US markets and continued its upward swing for major part of the day. However, profit booking at higher levels dragged the key indices from their day’s high.

The Auto, IT and the Telecom stocks were in demand, while, the realty and the capital goods stocks witnessed some offloading.

Finally, the BSE Sensex advanced 80 points to close at 8,902 and the NSE Nifty was up 28 at 2,762.

Among the 30-components of Sensex, 23 stocks ended in positive terrain and 7 stocks ended in the red. Among the major gainers were, M&M, Tata Motors, Reliance Infra, Wipro, TCS and Infosys.

Among the major laggards were, HDFC, Ranbaxy, DLF, L&T and RCom.

Among the major BSE Sectoral indices BSE Auto index was the top gainer, the index rose 3%. Among the other major gainers were BSE IT index (up 2.5%), BSE Teck index (up 1.5) and BSE Metal index (up 1.2%).

Even the BSE Mid-cap and the BSE Small-cap index added half a percent each.

Market breath was marginally positive, 1,220 stocks advanced against 1,182 declines, while, 109 stocks remained unchanged.

Shares of M&M surged by over 8% 6to Rs318 after reports stated that the company’s agri arm has entered into a strategic alliance with Dutch Co HZPC. The scrip touched an intra-day high of Rs320 and a low of Rs295 and recorded volumes of over 4,00,000 shares on BSE.

Shares of Suzlon Energy surged by over 2.5% to Rs41.3 after the company announced that, Suzlon Energy Australia Pty Ltd., a step-down wholly owned subsidiary of the company entered into an agreement with AGL Energy Ltd for supply of 54 units of Suzlon's S88-2.1 MW wind turbine generators translating to 113.4 MW capacity in Australia in 2009. The scrip touched an intra-day high of Rs42.6 and a low of Rs41 and recorded volumes of over 62,00,000 shares on BSE.

India’s income tax department ordered an audit of accounts of DLF Ltd., India’s biggest developer, as part of a probe of housing companies, a junior minister of finance said.

Shares of DLF slipped by 1.7% to Rs154 after the government said that it was examining a special audit report for the assessment year 2006-2007. Some housing companies have misstated income and profits, the minister said today.

The scrip touched an intra-day high of Rs162 and a low of Rs153 and recorded volumes of over 72,00,000 shares on BSE.

Shares of Welspun-Gujarat Stahl advanced by 2% to Rs63.4 after the company announced that it won order worth Rs5bn The scrip touched an intra-day high of Rs66 and a low of Rs62.8 and recorded volumes of over shares on 12,00,000 on BSE.

Shares of ICSA India rallied by over 5% to Rs77 after 3.4% equity shares changed hands in two transactions. The scrip touched an intra-day high of Rs93.7 and a low of Rs75 and recorded volumes of over 20,00,000 shares on BSE.

Shares of Orrisa Sponge were locked at 5% upper circuit to Rs282.10 after Mounteverest Trading & Investment Ltd., part of Monnet Group, offered to acquire 20% of the company at Rs310 each, countering a bid by a rival. The scrip touched an intra-day high of Rs282.10 and a low of Rs282.10 and recorded volumes of over 13,000 shares on BSE.