Metal scrips in demand
Metal stocks advanced on high volumes, on hopes of a price hike, as global metal prices have started looking up after a sharp fall recently. The BSE metal index surged 4.04% or 373.26 points to 9,602.16, and was the biggest gainer among BSE sectoral indices.
The market extended its gains in the afternoon trade, as buying momentum intensified. Short covering is said to be taking place ahead of expiry of January 2007 derivatives contracts.
At 14:33 IST, the BSE Sensex was up 66.85 points to 14,177.31. It opened higher at 14,151.62 and surged to hit a high of 14,209.41. Its low so far is at 14,115.40.The total turnover on BSE amounted to Rs 3391 crore.The market breadth was strong on BSE, as buying spilled over small-cap and mid-cap stocks as well. 1499 shares advanced, as compared to 1107 that declined. 57 shares remained unchanged.Among the Sensex pack, 19 advanced while the rest declined.
Maruti Udyog revs up
Car major Maruti Udyog gained nearly 2% to Rs 950 after the company launched diesel version its popular Swift model on Wednesday.1.2 lakh shares changed hands in the counter on BSE.
The announcement of the launch had lifted the stock 1.3% on Wednesday (24 January) to Rs 931.90. Earlier, the stock had witnessed high volatility recently. After a surge of 5.4% in three trading sessions to Rs 974.55 on 3 January 2007 from Rs 923.85 on 28 December 2006, the stock had witnessed a sharp fall to reach a low of Rs 880.75 on 10 January 2007. It had recovered from that low later.
Maruti has priced the diesel version of Swift aggressively. The company has priced the diesel variants in the range of Rs 4.68 lakh (ex-showroom, Delhi) for the base model and Rs 4.96 lakh for the premium one that is fitted with anti lock braking system, air bags and alloy wheels.
Maruti's diesel push is coming at a time when the share of diesel vehicles is expected to climb to 45% of the projected two million vehicle market by 2010 - or to 9 lakh units - from 3.6 lakh at present.
Maruti’s net profit rose 11% in December 2006 quarter to Rs 376.41 crore on 18% growth in sales to Rs 3679 crore.
Maruti’s total sales rose 23.7 per cent in December 2006 at 56,985 units as against 46,079 units in December 2005. Domestic sales stood at 54,640 units in December as against 43,251 units in the corresponding month a year ago, up 26.3 per cent.
Recently, the Union Cabinet approved selling the government's remaining 10.27% stake in the car maker. The stake will be sold to banks and financial institutions, the bids for which are expected soon. Japan's Suzuki Motor Corporation holds 54.2% stake in the car major.
Maruti's current scrip price of Rs 950 discounts its 9-months April-December 2006 annualised EPS of Rs 51.40, by a PE multiple of 18.4.
The market extended its gains in the afternoon trade, as buying momentum intensified. Short covering is said to be taking place ahead of expiry of January 2007 derivatives contracts.
At 14:33 IST, the BSE Sensex was up 66.85 points to 14,177.31. It opened higher at 14,151.62 and surged to hit a high of 14,209.41. Its low so far is at 14,115.40.The total turnover on BSE amounted to Rs 3391 crore.The market breadth was strong on BSE, as buying spilled over small-cap and mid-cap stocks as well. 1499 shares advanced, as compared to 1107 that declined. 57 shares remained unchanged.Among the Sensex pack, 19 advanced while the rest declined.
Maruti Udyog revs up
Car major Maruti Udyog gained nearly 2% to Rs 950 after the company launched diesel version its popular Swift model on Wednesday.1.2 lakh shares changed hands in the counter on BSE.
The announcement of the launch had lifted the stock 1.3% on Wednesday (24 January) to Rs 931.90. Earlier, the stock had witnessed high volatility recently. After a surge of 5.4% in three trading sessions to Rs 974.55 on 3 January 2007 from Rs 923.85 on 28 December 2006, the stock had witnessed a sharp fall to reach a low of Rs 880.75 on 10 January 2007. It had recovered from that low later.
Maruti has priced the diesel version of Swift aggressively. The company has priced the diesel variants in the range of Rs 4.68 lakh (ex-showroom, Delhi) for the base model and Rs 4.96 lakh for the premium one that is fitted with anti lock braking system, air bags and alloy wheels.
Maruti's diesel push is coming at a time when the share of diesel vehicles is expected to climb to 45% of the projected two million vehicle market by 2010 - or to 9 lakh units - from 3.6 lakh at present.
Maruti’s net profit rose 11% in December 2006 quarter to Rs 376.41 crore on 18% growth in sales to Rs 3679 crore.
Maruti’s total sales rose 23.7 per cent in December 2006 at 56,985 units as against 46,079 units in December 2005. Domestic sales stood at 54,640 units in December as against 43,251 units in the corresponding month a year ago, up 26.3 per cent.
Recently, the Union Cabinet approved selling the government's remaining 10.27% stake in the car maker. The stake will be sold to banks and financial institutions, the bids for which are expected soon. Japan's Suzuki Motor Corporation holds 54.2% stake in the car major.
Maruti's current scrip price of Rs 950 discounts its 9-months April-December 2006 annualised EPS of Rs 51.40, by a PE multiple of 18.4.
posted by SY at 3:31 PM
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