Breadth negative; market off lows
The market-breadth turned negative as selling began for small-cap and mid-cap stocks. For 1,405 shares that declined, 1087 advanced and 53 scrips remained unchanged on BSE.
The BSE Sensex, however, recovered from a low of 14,0901.67, as pivotals found support at this level.At 12:31 IST the BSE Sensex was down 63.97 points, at 14,145.69. It had opened a bit higher, at 14,212.12, but began declining due to heavy selling.Volatility may remain high on the bourses in the run up to the expiry of January 2007 derivatives contracts on Thursday (25 January 2007).The total turnover on BSE amounted to Rs 2048 crore.Among the 30-Sensex pack, 20 declined while the rest advanced.
Q3 growth spawns interest in Torrent Cables
Torrent Cables surged for the second day in a row, after posting 65.6% growth in net profit for Dec-2006 quarter.The stock was up nearly 8% to Rs 170. As many as 1 lakh shares changed hands in the counter on BSE.The stock had spurted 20% on Monday 22 January 2007, to Rs 157.90, boosted by the outcome. Earlier, the scrip had firmed up since late-December 2006. From Rs 107.80 on 22 December 2006, it went up to Rs 131.60 by 19 January 2007.
On 20 January 2007, Torrent Cables reported 65.6% growth in net profit to Rs 7.02 crore (Rs 4.24 crore). Net sales jumped 55.1% to Rs 50.73 crore (Rs 32.70 crore).
Torrent Cables is a market leader in HT XLPE power cables having an integrated facility at Nadiad, about 40 kms from Ahmedabad.
The BSE Sensex, however, recovered from a low of 14,0901.67, as pivotals found support at this level.At 12:31 IST the BSE Sensex was down 63.97 points, at 14,145.69. It had opened a bit higher, at 14,212.12, but began declining due to heavy selling.Volatility may remain high on the bourses in the run up to the expiry of January 2007 derivatives contracts on Thursday (25 January 2007).The total turnover on BSE amounted to Rs 2048 crore.Among the 30-Sensex pack, 20 declined while the rest advanced.
Q3 growth spawns interest in Torrent Cables
Torrent Cables surged for the second day in a row, after posting 65.6% growth in net profit for Dec-2006 quarter.The stock was up nearly 8% to Rs 170. As many as 1 lakh shares changed hands in the counter on BSE.The stock had spurted 20% on Monday 22 January 2007, to Rs 157.90, boosted by the outcome. Earlier, the scrip had firmed up since late-December 2006. From Rs 107.80 on 22 December 2006, it went up to Rs 131.60 by 19 January 2007.
On 20 January 2007, Torrent Cables reported 65.6% growth in net profit to Rs 7.02 crore (Rs 4.24 crore). Net sales jumped 55.1% to Rs 50.73 crore (Rs 32.70 crore).
Torrent Cables is a market leader in HT XLPE power cables having an integrated facility at Nadiad, about 40 kms from Ahmedabad.
posted by SY at 1:20 PM
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