Money on the markets
A maturing market amid the mayhem
Tata Steel shares jumped 8.2 percent on Wednesday, registering their biggest one-day rise in more than three months and their best close in a year. The surge helped the BSE Metal Index gain 4.2 percent.
The counter led the gainers on the BSE after Federal Reserve Chairman Ben Bernanke said the U.S. recession was probably over, boosting metals stocks across regions. Shanghai copper futures also rose but lagged the international market.
According to Thomson Reuters data, Tata Steel shares have gained 25 percent this month and over 140 percent since January.
Data shows the company, with a relatively high Beta of 1.76, balances it with good operating margin of 37.6 percent and has a price-to-book value ratio of 1.45.
Shares in Reliance Industries ended 1.5 percent higher at 2180 rupees, pushing the broader market up 1.4 percent to 16,454.
The BSE Sensex ended 0.3 percent down on Monday snapping a six-day rally. Shares in metals maker Sterlite Industries dropped 3.5 percent to 719 rupees.
Shares in Reliance Communications, India’s number 2 mobile operator, ended 5.3 percent higher at 290.70 rupees after the company said it had repaid early more than $1 billion of loans.
Reliance Comm shares had risen nearly 5 percent yesterday with a traded volume of nearly 4.2 million shares. It remained one of the top traded stocks today. This year the stock has surged nearly 28 percent.
The BSE Auto Index closed 1.3 points lower on Wednesday as investors across Asia remained cautious after the overnight slide on Wall Street.
The Auto Index was the top performer yesterday, gaining as much as 2.45 percent in a broader market that shed 115 points.
The BSE Sensex ended 1.6 percent down on Monday but shares in Maytas Infra ended nearly 5 percent higher at 112.80 rupees after the company’s board received a proposal to replace the existing founder of the firm.
The CLB has instructed Maytas’ board to induct ILFS as new promoters and allow them to assume management control through appointment of four directors, including the chairman.
The UPA government’s deferred divestment programme seems to have had a smooth take-off. State utility NHPC’s IPO was subscribed 23.5 times at close.
The BSE Sensex closed 2.28 percent lower on Friday, extending losses for the week to 3.25 percent.
Leading financial stocks like ICICI Bank and SBI pulled the Banking Index down, which registered a drop of nearly 4 percent – its 4th fall this week.
Shares of Mahindra Satyam rose in an otherwise lacklustre market today, ending 5.41 percent higher at 112.95 rupees.
During market hours on Wednesday, Larsen & Toubro Ltd sought permission from market regulators to sell its stake in outsourcer Mahindra Satyam Ltd, according to a company spokesman.