Money on the markets
A maturing market amid the mayhem
Telecom gear maker ITI Ltd jumped after the government extended until September 2010 a requirement for state-run telecoms to source 30 percent of equipment orders from it.
Shares in the counter jumped almost 17 percent to a 52-week high of 53.20 rupees before ending 11.2 percent higher at 50.65.
ITI ended the day with a volume of over 6 million shares, against an average volume of 275,680.41 for the month of December.
The telecoms ministry is working on a revival package for ITI and state-run BSNL and MTNL will have to pay 70 percent in advance for orders with ITI to meet the equipment maker’s working capital needs.
BSE Banking Index ended 1.16 percent higher on Tuesday powered by gains in India’s top private lender, ICICI Bank which contributed most of the rise.
Shares in ICICI Bank, (up 1.9 percent), SBI, (up 0.9 percent), Yes Bank, (up 4.3 percent), Kotak Mahindra Bank, (up 2.04 percent) and Axis Bank, (up 1.34 percent).
Shares in Orchid Chemicals hit a 52-week high in early trades on the sale of its key generic injectable business but ended 10.35 percent lower at 197.85 rupees on Wednesday after growth concerns sparked a sell-off.
Orchid Chemicals remained one of the top traded stocks on BSE ending with a volume of over 9.5 million shares.
The BSE Sensex posts its first weekly gain in three weeks helped by India’s top lender SBI and Sensex heavyweight ICICI Bank.
Shares in SBI ended 3 percent higher at 2204 rupees posting its biggest rise in three weeks, while ICICI Bank which holds over 7 percent weightage in the 30-share Sensitive index ended 0.48 percent to 848 rupees.
The BSE Banking Index ended 1.7 percent higher on Friday while for the year it has gained over 70 percent.
The RBI on Tuesday asked banks to increase the minimum provision ratio for bad debts to 70 percent from 10 percent by September 2010.
The BSE Realty Index slid nearly 8 percent to a two-month low on Tuesday after the Reserve Bank of India (RBI) withdraws some liquidity measures.
Shares in Punj Lloyd shed over 16 percent on Monday after the engineering and construction firm reported September quarter net profit fell 63 percent to 0.53 billion rupees from 1.44 billion in the same period a year ago.
The stock ended 16.47 percent down at 217 rupees in a broader market which closed 0.4 percent lower.
It was among the top traded stocks on the BSE with volumes of over 6 million, its highest since May 21, 2009.
The BSE banking index dropped 1.2 percent on Wednesday in a broader market which ended flat.
The benchmark 30-share Sensex has more than doubled from the lows in early March, registering a rise of more than 78 percent with foreign funds infusing nearly $14 billion in Indian equities.
The BSE banking index closed 2.2 percent higher on Friday despite analysts’ warning that mid-cap lenders could see muted net profit growth in the July-September quarter.
Some of the major gainers on the Bankex were Karnataka Bank (up 8.3 percent), Oriental Bank (up 6.8 percent), Union Bank (up 6.5 percent), SBI (up 5.3 percent), ICICI Bank (up 2.4 percent) and Andhra Bank (up 3.7 percent).