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Wipro, Infosys, ITC post modest gains

K.S. Badri Narayanan

FRIDAY marked the completion of the third week since the introduction of the SEBI-imposed new trading system but things were no different for the dull stock markets.

The market behaved in a similar pattern without evoking much activity. So, it was left to the companies' announcements/decisions to act as a catalyst to whip up the sentiment for the respective stocks.

One such report that affected the over-all sentiment of today's trading was the CBI's raid on the former UTI Chairman's and others' premises in connection with a case of conspiracy relating to private placement of funds.

The Bombay Stock Exchange (BSE) Sensitive index opened flat at 3375.82, touched a low of 3331.42, and closed weak at 3340.75, dropping 30.18 points over the previous close. The decliners outsmart the advancers at 743 to 371. Trading volumes improved to 4 .73 crore shares (3.94 crore shares).

However, select stocks scored modest gains which include Wipro, Infosys Technologies, Madras Cement, Sun Pharma, ITC, German Remedies, HLL, EIH, Gujarat Gas, E-Merck, Parke Davis, Reckitt Benckiser, SmithKline Consumer, Bayer India, Blue Dart, Modi Rubbe r, Sterling Tea and EID Parry.

Wipro declared a jump in its net profit at Rs 207.70 crore (Rs 107.70 crore) for the quarter ended June 30, 2001. The company also bagged a telecom order worth $70 million from Lattice Group plc. The stock ended up at Rs 1,380.75 (Rs 1,365.20). Trading v olumes also improved at 10.56 lakh shares (8.50 lakh shares).

Another IT major Infosys Technologies also ended on firm note. After moved in a volatile range of Rs 3616-3779 in intra-day deals, the stock closed at Rs 3751.30 (Rs 3,700.30). Trading volumes also improved to 4.74 lakh shares (3.53 lakh shares)

The ITC stock also ended on strong note at Rs 791.05 (Rs 786.95). The tobacco major declared a modest 21-per cent rise in its net profit at Rs 300.67 crore (Rs 248.97 crore) for the quarter ended June 2001.

The Sun Pharma stock maintained the firm trend in today's dealing as well. The stock closed higher at Rs 575.75 (Rs 548.65). Trading volumes also improved to 25,276 shares from 2,406 shares of Thursday.

Among the losers were NIIT, Dr Reddy's Lab, HDFC, Gillette India, Ranbaxy, Reliance, BHEL, MRF, Glaxo, Britannia, Wockhardt, ICICI Bank, Bank of Baroda, Tips, Aptech, Mascot Systems and Mukta Arts.

The Reliance Industries stock ended on very weak note at Rs 312.35 (Rs 323.90). The stock opened better at Rs 323.90 and even touched a high of Rs 325 in intra-day deals. Trading volumes zoomed to 13.56 lakh shares (8.78 lakh shares).

The ICICI Bank stock broke the three-day rally to end weak at Rs 132.75 (Rs 138.45). Trading volumes also declined to 21,332 shares (1.63 lakh shares). ICICI Bank is scheduled to announce its financial performance result on Saturday.

There was no respite for the NIIT stock after it announced a less-than expected financial performance for the previous quarter. It closed weak at Rs 202.70 (Rs 252.25). Trading volumes spurted to 31.50 lakh shares (13.36 lakh shares).

The Cipla stock also ended on weak note at Rs 1050.30 (Rs 1066.30), The stock was on a downward slope ever since July 13. Trading volumes slipped to 54,422 shares (89,056 shares).

VisualSoftware declared a drop in its net profit at Rs 8.74 crore (Rs 10.33 crore) for the quarter ended June 2001. The stock also closed sharply lower at Rs 95.60 (Rs 100.30). Trading volumes stood at 31,758 shares (12,663 shares).

After opening higher at Rs 224, the Castrol stock also ended weak at Rs 219.60 (Rs 220.70). Trading volumes doubled to 19,226 shares (6,740 shares). Castrol reported a marginal in its net profit at Rs 36.94 crore (33.05 crore) for the previous quarter.