• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

MAHINDRA & Mahindra on Tuesday touched a new 52-week high at Rs 127.95, ahead of the company fourth quarter results. The results would be announced on May 31 and are expected to be good, dealers said.

But the main factor for the interest in the counter is the good response to the company's latest vehicle "Scorpio". The talk is that this vehicle is expected to contribute more to the company's topline and bottomline in the current fiscal.

In addition, the stock is being accumulated by select market players on expectation of higher utility vehicles sales in the current fiscal due to the reduction in the excise duty from 32 per cent to 24 per cent.

The stock gained 2.82 per cent at Rs 127.40 with volumes of 3.19 lakh shares on the BSE. On the NSE, M&M closed at Rs 127.30, up 3.35 per cent with volumes of 10.81 lakh shares.

Canara Bank up on capital lowering talk

Another public sector bank that is being accumulated on capital reduction hopes is Canara Bank.

Dealers said the talk is that the bank is expected to announce its plans to re-pay part of the equity to the Government. But to what extent the equity is to be repaid is not known.

The buzz is that the bank would repay the equity only after it completes one year of listing.

This is expected to take another six to seven months from now. But several market players have already built positions in the stock ahead of this development.

On Tuesday, Canara Bank gained 5.81 per cent at Rs 105.60 with a volume of 36.82 lakh shares on the BSE; on the NSE, the stock closed at Rs 105.15, up 5.20 per cent with a volume of 1.18 crore shares.

Federal Bank gains on takeover buzz

After public sector banks, it is the turn of private sector banks to caught market attention. Among them is Federal Bank. The stock has already gained by over 25 per cent in the last few weeks. On Tuesday also, it gained sharply to close at Rs 128.35, up 8.92 per cent, with a volume of 3.92 lakh shares on the BSE.

On the NSE, Federal Bank closed at Rs 127.25, up 8.95 per cent, with a volume of 11.51 lakh shares.

Dealers attribute the interest in the counter to the possible takeover by a new private sector bank.

This move by the new bank is to gain strong hold in the southern India market and Federal Bank would be a good takeover target, dealers said.

Virendra Verma

Article E-Mail :: Comment :: Syndication

Stories in this Section
HSBC fund changes asset allocation patterns

Copyright © 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line