Update 3
Sensex tops 13,450
The BSE Sensex had spurted over 250 points, to cross the 13,450 mark, on heavy buying in index pivotals, especially RIL. The BSE benchmark even hit an intra-day high of 13,437.86.
At 13:31 IST the Sensex was up 266.06 points, at 13,447.40. It had opened firm, at 13,256.81, as buying continued following a 186-point rally on Wednesday. Its low for the day is 13,239.79.The BSE clocked a turnover of Rs 2,862 crore.
The market-breadth was rock solid as a host of small-cap and mid-cap counters rallied on high volumes. For 1,957 shares rising on BSE, just 435 declined. As many as 64 shares were unchanged. Gainers outpaced losers by a ratio of 4.5:1.Among the 30-Sensex pack, 28 advanced while the rest slipped.Gujarat Ambuja Cement was the top gainer, up 4.81% to Rs 140.60 on 3.13 lakh shares.
Britannia gains on getting foothold in West Asia
Britannia Industries jumped 5% to Rs 1,150, after the company signed an agreement for buying stake in a bakery business owned by a West Asian group.A total of 3,122 shares changed hands in the counter on BSE. The stock had declined 0.5% on Wednesday (13 December) to Rs 1,094.80 after the news hit the market during trading hours.From a high of Rs 1,156.30 on 5 December, the stock declined to Rs 1,094.80 by 13 December.
The move to acquire stake in the West Asian bakeries is in line with Britannia’s strategy of expanding overseas. The acquisition of shares is subject to the execution of definitive agreements.
The West Asian company, whose name has not been disclosed, is a mass-market player in biscuits and cookies, and complements Britannia’s range of Marie biscuits. The bakery major said that details will be provided within weeks after the final agreements had been signed.
Britannia has been exporting its biscuits to some 30 countries, but this is the first time it is acquiring companies outside India. Its exports constitute less then 5% of its revenues, which stand at Rs 1,800 crore.
Britannia Industries is a major player in the Indian foods market with leadership position in the bakery category. Its brands include Tiger, Marie Gold, Good Day, 50:50 and Treat.
Demand, outlook propel cement scrips
UltraTech Cement rose 4.7% to Rs 467, Gujarat Ambuja Cements was up 3% to Rs 138.50, Grasim gained 1.8% to Rs 2661 while ACC sprung 1% to Rs 1,018.
A total of 99,916 shares in ACC, 15,128 shares in UltraTech Cement, 2.5 lakh shares in Gujarat Ambuja Cements and 20,232 shares in Grasim had changed hands.
Cement scrips rose for the second day in a row today as investors sought bargains after a recent fall. ACC had risen 3.6% to Rs 1,007.50, Grasim had gained 4% to Rs 2,613.85, and Gujarat Ambuja Cements had risen nearly 3% to Rs 134.15 on Wednesday (13 December).
ACC had declined much before the recent sharp market fall. It declined further when the market declined sharply. From Rs 1,172.60 on 4 December, it had tumbled 17% in a short while to 972.35 on 12 December. From Rs 141 on 8 December, Gujarat Ambuja Cements (GACL) had dropped 7.5% in two trading sessions to Rs 130.35 on 12 December. Grasim had lost 9.1% to Rs 2,506.30 on 12 December from Rs 2,758.05 on 8 December.
Analysts expect cement prices to remain firm over the medium term, as no big capacity addition is expected till FY 2008. Strong growth from housing and infrastructure has been driving up demand for cement.
The BSE Sensex had spurted over 250 points, to cross the 13,450 mark, on heavy buying in index pivotals, especially RIL. The BSE benchmark even hit an intra-day high of 13,437.86.
At 13:31 IST the Sensex was up 266.06 points, at 13,447.40. It had opened firm, at 13,256.81, as buying continued following a 186-point rally on Wednesday. Its low for the day is 13,239.79.The BSE clocked a turnover of Rs 2,862 crore.
The market-breadth was rock solid as a host of small-cap and mid-cap counters rallied on high volumes. For 1,957 shares rising on BSE, just 435 declined. As many as 64 shares were unchanged. Gainers outpaced losers by a ratio of 4.5:1.Among the 30-Sensex pack, 28 advanced while the rest slipped.Gujarat Ambuja Cement was the top gainer, up 4.81% to Rs 140.60 on 3.13 lakh shares.
Britannia gains on getting foothold in West Asia
Britannia Industries jumped 5% to Rs 1,150, after the company signed an agreement for buying stake in a bakery business owned by a West Asian group.A total of 3,122 shares changed hands in the counter on BSE. The stock had declined 0.5% on Wednesday (13 December) to Rs 1,094.80 after the news hit the market during trading hours.From a high of Rs 1,156.30 on 5 December, the stock declined to Rs 1,094.80 by 13 December.
The move to acquire stake in the West Asian bakeries is in line with Britannia’s strategy of expanding overseas. The acquisition of shares is subject to the execution of definitive agreements.
The West Asian company, whose name has not been disclosed, is a mass-market player in biscuits and cookies, and complements Britannia’s range of Marie biscuits. The bakery major said that details will be provided within weeks after the final agreements had been signed.
Britannia has been exporting its biscuits to some 30 countries, but this is the first time it is acquiring companies outside India. Its exports constitute less then 5% of its revenues, which stand at Rs 1,800 crore.
Britannia Industries is a major player in the Indian foods market with leadership position in the bakery category. Its brands include Tiger, Marie Gold, Good Day, 50:50 and Treat.
Demand, outlook propel cement scrips
UltraTech Cement rose 4.7% to Rs 467, Gujarat Ambuja Cements was up 3% to Rs 138.50, Grasim gained 1.8% to Rs 2661 while ACC sprung 1% to Rs 1,018.
A total of 99,916 shares in ACC, 15,128 shares in UltraTech Cement, 2.5 lakh shares in Gujarat Ambuja Cements and 20,232 shares in Grasim had changed hands.
Cement scrips rose for the second day in a row today as investors sought bargains after a recent fall. ACC had risen 3.6% to Rs 1,007.50, Grasim had gained 4% to Rs 2,613.85, and Gujarat Ambuja Cements had risen nearly 3% to Rs 134.15 on Wednesday (13 December).
ACC had declined much before the recent sharp market fall. It declined further when the market declined sharply. From Rs 1,172.60 on 4 December, it had tumbled 17% in a short while to 972.35 on 12 December. From Rs 141 on 8 December, Gujarat Ambuja Cements (GACL) had dropped 7.5% in two trading sessions to Rs 130.35 on 12 December. Grasim had lost 9.1% to Rs 2,506.30 on 12 December from Rs 2,758.05 on 8 December.
Analysts expect cement prices to remain firm over the medium term, as no big capacity addition is expected till FY 2008. Strong growth from housing and infrastructure has been driving up demand for cement.
posted by SY at 1:28 PM
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