Smithkline Pharma Up On Bonus Hopes

The SmithKline Beecham Pharma scrip peaked a new 52-week high at both the exchanges reacting to the news that the company board will meet on February 18 to consider bonus issue.

The stock prices flared up with volumes soaring high. At the NSE, the scrip touched a high of Rs 625.80 before closing at Rs 608.55, over its previous close of Rs 568.90. It witnessed a trading turnover of Rs 5.87 crore. At the BSE, the scrip clocked a turnover of Rs 5.6 crore and it closed at Rs 607.25 after touching a 52-week high of Rs 622.25.

The stock market remained relatively stable yesterday, despite heavy selling by the foreign institutional investors (FIIs) at the side counters. The markets opened firm after having closed weak on Wednesday, on news of a possible conflict in the Gulf.

 

Market sources said many of the foreign funds are in the process reducing their weightage on India. "Many foreign funds have diverted their fund out of India which has resulted in huge sales in certain counters. The domestic institutions have been supporting the market at lower levels, said a broker with an institutional brokerage.Heavy selling continued at ABB and EIH counters for the second day in running and both the scrips touched their 52-week low during the intra-day trading.

At the BSE, ABB plummeted to a low of Rs 354 but later bounced back to close at Rs 373.50. "There is a belief that the company's second half result is expected to be poor. This has dampened the sentiment and the FIIs specially pressed sales in this counter," said a dealer with FII brokerage.At the NSE, the scrip hit a new 52-week low of Rs 353.55 but later recovered to close at Rs 368.40, over its previous close of Rs 368.40.The EIH scrip too came under heavy selling pressure though later recovered to close at Rs 291.50 at the BSE over its previous close of Rs 288.50. It touched an intra-day low of Rs 285 at the BSE and Rs 284 at the NSE. The HLL counter continued to witness huge volumes mainly on rumours of bonus. Sources informed that FIIs too made purchases at this counter. It closed at Rs 1418 at the BSE against its previous close of Rs 1393.25, a gain of Rs 25.

While most of the hotel scrips moved down, the ITC Hotel counter made smart recovery and closed at Rs 122.25 at the BSE over its previous close of Rs 118.25.

Among the cement scrips, Madras Cement hit its 52-week low at both the exchanges. At the BSE, it touched a low of Rs 2,950 after having opened at Rs 3060 over its previous close of Rs 3130.75.

The HDFC Bank witnessed huge volumes at both the exchanges and the scrip closed at Rs 65.50 mat these over its previous close of Rs 68.50. At the BSE over 1.02 lakh shares traded hands while at the NSE 1.19 lakh shares changed hands.