Update 2
Strong market breadth
The market breadth was strong on BSE, as small-cap and mid-cap stocks also participated in the rally.
At 12:35 IST, the BSE Sensex was up 16.96 points (0.14%) to 13863.68. Earlier today, the Sensex opened with an upward gap at 13846.71 as buying continued following 148 point’s surge on Friday (1 December) and moved to an all time high of 13911.64. It low for the day is at 13828.90.
The total turnover on BSE amounted to Rs 2515 crore.Market breadth was strong with over 1.5 gainers for every single loser on BSE. 1501 shares rose, 900 declined while 63 remained unchanged. The BSE Mid-Cap index was up 0.86% while the BSE Small-Cap index rose 0.90%.Among the Sensex pack, 19 advanced while the rest declined.
Delisting proposal sends Essar Shipping surging
Essar Shipping jumped 10% to Rs 30.85 after its board of directors on Saturday approved delisting of the company’s shares from the Bombay Stock Exchange.
The company would seek shareholders` approval next month for this purpose.The scrip rose on high volume of 23.3 lakh shares on BSE. The stock had spurted nearly 19% on Friday 1 December to Rs 28.05 ahead of the news. The news of the board meeting for the proposed discussion on delisting came after trading hours on that day.
Earlier, the stock had drifted lower since early October 2006. From Rs 27.85 on 9 October, the stock had declined to Rs 23.60 by 30 November.
ACC shrugs off muted dispatches growth in November
Notwithstanding a tiny 2.7% growth in cement dispatches for November 2006, ACC surged 4% to Rs 1180 as investors bet that the recent cut in diesel and petrol prices will bring down transportation costs for cement firms.
The stock hit a high of Rs 1192 which is a lifetime high for the scrip. 3.2 lakh shares changed hands in the counter on BSE.The stock has spurted since late October 2006. From Rs 967.80 on 31 October, the scrip has risen 21.9% in a short while.
Last week, the government cut diesel price by rupee one per litre and petrol price by Rs 2 per litre. This is expected to reduce the transportation cost for cement companies. On account of its bulky nature, cement production and sales are limited to a defined geographical radius from a plant, with freight contributing significantly to the cost structure.
The market breadth was strong on BSE, as small-cap and mid-cap stocks also participated in the rally.
At 12:35 IST, the BSE Sensex was up 16.96 points (0.14%) to 13863.68. Earlier today, the Sensex opened with an upward gap at 13846.71 as buying continued following 148 point’s surge on Friday (1 December) and moved to an all time high of 13911.64. It low for the day is at 13828.90.
The total turnover on BSE amounted to Rs 2515 crore.Market breadth was strong with over 1.5 gainers for every single loser on BSE. 1501 shares rose, 900 declined while 63 remained unchanged. The BSE Mid-Cap index was up 0.86% while the BSE Small-Cap index rose 0.90%.Among the Sensex pack, 19 advanced while the rest declined.
Delisting proposal sends Essar Shipping surging
Essar Shipping jumped 10% to Rs 30.85 after its board of directors on Saturday approved delisting of the company’s shares from the Bombay Stock Exchange.
The company would seek shareholders` approval next month for this purpose.The scrip rose on high volume of 23.3 lakh shares on BSE. The stock had spurted nearly 19% on Friday 1 December to Rs 28.05 ahead of the news. The news of the board meeting for the proposed discussion on delisting came after trading hours on that day.
Earlier, the stock had drifted lower since early October 2006. From Rs 27.85 on 9 October, the stock had declined to Rs 23.60 by 30 November.
ACC shrugs off muted dispatches growth in November
Notwithstanding a tiny 2.7% growth in cement dispatches for November 2006, ACC surged 4% to Rs 1180 as investors bet that the recent cut in diesel and petrol prices will bring down transportation costs for cement firms.
The stock hit a high of Rs 1192 which is a lifetime high for the scrip. 3.2 lakh shares changed hands in the counter on BSE.The stock has spurted since late October 2006. From Rs 967.80 on 31 October, the scrip has risen 21.9% in a short while.
Last week, the government cut diesel price by rupee one per litre and petrol price by Rs 2 per litre. This is expected to reduce the transportation cost for cement companies. On account of its bulky nature, cement production and sales are limited to a defined geographical radius from a plant, with freight contributing significantly to the cost structure.
posted by SY at 12:59 PM
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