UTI may offload L&T stake?
A section of the market fears that the UTI may offload its stake in L&T in the open market due to redemption pressure. UTI holds around 10 per cent stake in L&T.
Selling in India, buying in Malaysia
While the Government of Singapore, a leading FII, has been pressing heavy sales on the local bourses, it is reportedly taking overnight positions in some of the other markets like Malaysia.
Bharat Forge may come down to Rs. 135
A leading technical analyst opines that a breach in the share price of Bharat Forge below Rs. 160 could see it fall further to Rs. 135 (present price Rs. 165). The scrip was selling at a low of Rs. 46.65 in September '01 from where it rallied non-stop to a high of Rs. 186 in September '02. The oscillators are falling after showing negative divergence. Stochastic is an overbought zone. Technically, the scrip looks weak.
Margins hit at Gujarat Ambuja
With cement prices in Maharashtra and Gujarat hitting record lows and the two states contributing to nearly 50 per cent of Gujarat Ambuja's total sales, margins at the company are bound to be affected.
Infotech Enterprises faring well
Our source at Infotech Enterprises confidently predicts a 30 per cent growth in revenues for 2002-03 with net profit expected to also increase 30 per cent.
Glaxo's Ankleshwar factory to be shut down?
The market is agog with rumours that the Ankleshwar factory of Glaxo-SmithKline that manufactures ranitidine is likely to be shut down.
Contributed By M. J. Irani. SEBI disclosure: The contributor has no positions in any of the above-mentioned stocks.