Update 3
Banking, telecom, cement and RIL back from wilderness
The market firmed up once gain in mid-afternoon trade despite volatilility. Battered cement, banking and telecom service providers edged higher. Pharma pivotals firmed up.Index heavyweight Reliance Industries (RIL) held firm.At 14:21 IST the Sensex was up 160 points, at 13,155.
The BSE benchmark index recovered from 12,944 of 12:50 IST. At this level, the Sensex had declined 51 points for the day. A sudden fall had taken the Sensex to 12,944 at 12:50 IST, against a 200-point surge to 13,195.77 at 11:44 IST.
The Sensex has swung 1,400 points between some of the vital intra-day tops and bottoms. The Sensex's high and low so far are 13,195.77 and 12,830.38, respectively.
The market-breadth too swung between positive and negative throughout. It turned positive in mid-afternoon trade once again, after a negative run in early-afternoon. For 1,369 shares rising on BSE, 1,057 declined. As many as 72 shares were unchanged. Gainers outpaced losers by a ratio of 1.29:1.The BSE clocked a turnover of Rs 3,126 crore.
Century Textiles springs on VRS success
Century Textiles & Industries spurted 5.41% to Rs 616.60, on speculation that development of its Mumbai property will begin soon as 6,300 employees acceded to the voluntary retirement scheme floated.The voluntary retirement scheme (VRS) was introduced to cut down operations at Worli, Mumbai.As many as 9.42 lakh shares were traded in the counter on BSE.The stock plunged sharply from Rs 690.60 on 7 December to Rs 584.45 on 12 December in just three trading sessions, in the recent market meltdown.
The company is progressively reducing the production at its textile mill in Mumbai where currently about 1,200 looms and 77,000 spindles operate. The company will make efforts to continue the operations viably on a reduced scale.
Meanwhile, the company has been expanding capacities at various divisions. Recently, the company completed the expansion of its denim plant by enhancing the plant capacity by 10 million metres per annum. The capacity of the cement division is being raised from 6.3 million tonnes to 7.8 million tonnes in the aggregate at all cement units by December 2006.
Andhra Bank downplays CRR hike scare
State-run Andhra Bank jumped 5.61% to Rs 79.95, after the bank forecast CRR hike to have only a marginal impact on its annual earnings.The counter clocked 2.10 lakh shares on BSE.The stock was hammered brutally from Rs 90.05 on 7 December, all the way to Rs 75.70 by 12 December, on heavy unloading following the news of a CRR hike.
A rise in CRR will marginally affect the bank’s net profit, which translates to Rs 2.8 crore for the fiscal, a bank official said.The bank would have to transfer an additional Rs 300 crore after the RBI decided to hike CRR to 5.5%, last week.
The bank has greater presence in Andhra Pradesh. The bank will open more branches and install onsite and offsite ATMs to expand business and outreach. It has also been contemplating a branch in Dubai.
The market firmed up once gain in mid-afternoon trade despite volatilility. Battered cement, banking and telecom service providers edged higher. Pharma pivotals firmed up.Index heavyweight Reliance Industries (RIL) held firm.At 14:21 IST the Sensex was up 160 points, at 13,155.
The BSE benchmark index recovered from 12,944 of 12:50 IST. At this level, the Sensex had declined 51 points for the day. A sudden fall had taken the Sensex to 12,944 at 12:50 IST, against a 200-point surge to 13,195.77 at 11:44 IST.
The Sensex has swung 1,400 points between some of the vital intra-day tops and bottoms. The Sensex's high and low so far are 13,195.77 and 12,830.38, respectively.
The market-breadth too swung between positive and negative throughout. It turned positive in mid-afternoon trade once again, after a negative run in early-afternoon. For 1,369 shares rising on BSE, 1,057 declined. As many as 72 shares were unchanged. Gainers outpaced losers by a ratio of 1.29:1.The BSE clocked a turnover of Rs 3,126 crore.
Century Textiles springs on VRS success
Century Textiles & Industries spurted 5.41% to Rs 616.60, on speculation that development of its Mumbai property will begin soon as 6,300 employees acceded to the voluntary retirement scheme floated.The voluntary retirement scheme (VRS) was introduced to cut down operations at Worli, Mumbai.As many as 9.42 lakh shares were traded in the counter on BSE.The stock plunged sharply from Rs 690.60 on 7 December to Rs 584.45 on 12 December in just three trading sessions, in the recent market meltdown.
The company is progressively reducing the production at its textile mill in Mumbai where currently about 1,200 looms and 77,000 spindles operate. The company will make efforts to continue the operations viably on a reduced scale.
Meanwhile, the company has been expanding capacities at various divisions. Recently, the company completed the expansion of its denim plant by enhancing the plant capacity by 10 million metres per annum. The capacity of the cement division is being raised from 6.3 million tonnes to 7.8 million tonnes in the aggregate at all cement units by December 2006.
Andhra Bank downplays CRR hike scare
State-run Andhra Bank jumped 5.61% to Rs 79.95, after the bank forecast CRR hike to have only a marginal impact on its annual earnings.The counter clocked 2.10 lakh shares on BSE.The stock was hammered brutally from Rs 90.05 on 7 December, all the way to Rs 75.70 by 12 December, on heavy unloading following the news of a CRR hike.
A rise in CRR will marginally affect the bank’s net profit, which translates to Rs 2.8 crore for the fiscal, a bank official said.The bank would have to transfer an additional Rs 300 crore after the RBI decided to hike CRR to 5.5%, last week.
The bank has greater presence in Andhra Pradesh. The bank will open more branches and install onsite and offsite ATMs to expand business and outreach. It has also been contemplating a branch in Dubai.
posted by SY at 2:43 PM
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