Market rediscovers affinity for banks
With the RBI’s review of monetary policy over, the market rediscovered its interest in banking shares. But the market, which had bounced back sharply after the RBI meeting, once again slipped into the red.
At 13:38 IST the BSE Sensex was down 81.36 points, at 14,130.20. It had opened higher, at 14,219.38, and surged to 14,269.31. The benchmark index had also slipped to a low of 14,102.61.The BSE Bankex was up 0.36%.
Bank of Baroda (up 4% to Rs 258), Punjab National Bank (up 2.4% to Rs 517.50), Oriental Bank of Commerce (up 2.2% to Rs 220.75) and State Bank of India (up 1% to Rs 1168) fought back from early lows.
The market-breadth continued negative as small-cap and mid-cap stocks remained under pressure. For 1,513 shares declining, 1,045 advanced and 53 remained unchanged. Among the 30-Sensex pack, 21 declined while the rest advanced. The total turnover on BSE amounted to Rs 3247 crore.
Tata Steel was mauled. It was the top loser, down 8.82% to Rs 473.50, on high volumes of 37.78 lakh shares, as the final offer of $11.3 billion it made for Corus is said to be expensive. The stock had also plunged to a low of Rs 472.05.
Gillette India advances
Gillette India surged nearly 5% to Rs 934, on reporting 85.4% net profit growth in the December 2006 quarter.As many as 8,557 shares changed hands in the counter on BSE.The scrip was range-bound since the past two months. It moved between Rs 823 and Rs 906 since late-November 2006.
After trading hours on Monday (29 January 2007), Gillette India reported 85.4% surge in net profit in the December 2006 quarter to Rs 27.71 crore (Rs 14.95 crore). Net sales rose 13% to Rs 131.22 crore (Rs 116.09 crore). The company’s board also declared a liberal interim dividend of Rs 10 per share.
The growth in the top and bottom lines in Q4, coupled with higher market shares across categories, follows the successful integration of the Gillette India (GIL) business with Proctor and Gamble. Gillette consolidated its businesses in India post its global merger with Procter & Gamble. The company has put in place a new distribution set-up for itself. In early-2006, in a worldwide merger, Procter & Gamble acquired shaving products' company Gillette for about $55 billion.
GIL operates in three segments, namely, grooming, oral care and portable products. It has also put in place a new distribution structure. The new distribution structure has significantly increased Gillette's direct coverage, enhanced wholesale coverage and help service more retailers.
GIL is relocating its headquarters to Mumbai. It is on the lookout for buyers for its office space near Delhi. The office space is spread across 67,000 square feet.
At 13:38 IST the BSE Sensex was down 81.36 points, at 14,130.20. It had opened higher, at 14,219.38, and surged to 14,269.31. The benchmark index had also slipped to a low of 14,102.61.The BSE Bankex was up 0.36%.
Bank of Baroda (up 4% to Rs 258), Punjab National Bank (up 2.4% to Rs 517.50), Oriental Bank of Commerce (up 2.2% to Rs 220.75) and State Bank of India (up 1% to Rs 1168) fought back from early lows.
The market-breadth continued negative as small-cap and mid-cap stocks remained under pressure. For 1,513 shares declining, 1,045 advanced and 53 remained unchanged. Among the 30-Sensex pack, 21 declined while the rest advanced. The total turnover on BSE amounted to Rs 3247 crore.
Tata Steel was mauled. It was the top loser, down 8.82% to Rs 473.50, on high volumes of 37.78 lakh shares, as the final offer of $11.3 billion it made for Corus is said to be expensive. The stock had also plunged to a low of Rs 472.05.
Gillette India advances
Gillette India surged nearly 5% to Rs 934, on reporting 85.4% net profit growth in the December 2006 quarter.As many as 8,557 shares changed hands in the counter on BSE.The scrip was range-bound since the past two months. It moved between Rs 823 and Rs 906 since late-November 2006.
After trading hours on Monday (29 January 2007), Gillette India reported 85.4% surge in net profit in the December 2006 quarter to Rs 27.71 crore (Rs 14.95 crore). Net sales rose 13% to Rs 131.22 crore (Rs 116.09 crore). The company’s board also declared a liberal interim dividend of Rs 10 per share.
The growth in the top and bottom lines in Q4, coupled with higher market shares across categories, follows the successful integration of the Gillette India (GIL) business with Proctor and Gamble. Gillette consolidated its businesses in India post its global merger with Procter & Gamble. The company has put in place a new distribution set-up for itself. In early-2006, in a worldwide merger, Procter & Gamble acquired shaving products' company Gillette for about $55 billion.
GIL operates in three segments, namely, grooming, oral care and portable products. It has also put in place a new distribution structure. The new distribution structure has significantly increased Gillette's direct coverage, enhanced wholesale coverage and help service more retailers.
GIL is relocating its headquarters to Mumbai. It is on the lookout for buyers for its office space near Delhi. The office space is spread across 67,000 square feet.
posted by SY at 2:25 PM
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