8 Ice Scrips Touch 52-Week Low
Sustained selling pressure on the ICE scrips dragged the old economy scrips down. Eight ICE stocks, along with 98 old economy scrips, touched their 52-week lows on the Bombay Stock Exchange yesterday.
Larsen & Toubro, ACC, Mahindra and Mahindra and Novartis were the four BSE sensex scrips that touched 52-week lows yesterday.
Another sensex scrip, Glaxo, is almost nearing its 52-week low. Glaxo yesterday closed at Rs 325.05, marginally higher than its yearly low of Rs 321.05.
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Larsen & Toubro was battered after the company put up a discouraging performance for the year ended March 2000. Its net profit slumped 27 per cent on the back of flat growth in sales income.
L&T closed at Rs 183.95 yesterday.
ACC closed at Rs 96.80 after touching a low of Rs 95.50. Another cement player, India Cement, also touched a 52-week low to close at Rs 40.
Seven Information technology and one media player (Pentamedia Graphics) also touched yearly lows. The weak sentiment on the ICE counters has been in reaction to the drop in the Nasdaq composite index.
The pharmaceutical sector was also badly hit with nearly 10 scrips touching their yearly lows yesterday.