The Hindu Business Line : Gillette India back on `buy'

THE sale of Gillette India's Geep Battery business is being taken very positively by the market players. Dealer said that with the company back on the core business of grooming products, the financial performance of the company is expected to be good. Its battery business was making loss and market players did not take this positively.

Talk is that some of the foreign broking firms have started recommending the stock to their clients and this has led to the rise in the price. The firms believe that in the current year, the company would come out with excellent results. On Wednesday, the stock gained 8.41 per cent at Rs 525.45 with volume of 10,400 shares on BSE and on NSE it closed at Rs 522.30, up 7.23 per cent with volume of 22,874 shares.

Price hikes buoy Reliance

INDEX heavyweight Reliance Industries is on the buy list of most of the domestic and foreign institutional investors. Dealers said over the last few days, they have been actively buying in the counter. The main factor for interest of the institutional investors is the rise in the price of various petrochemicals prices.

The talk is that the company has recently hiked the price of MEG and PTA (raw materials) and there is possibility of hike in the price of polypropylene and polyethylene. Hike in the price is due to the rise in the international prices. Reliance stock gained 1.43 per cent at Rs 361.55 with volume of 16.85 lakh shares on the BSE and on the NSE it closed at Rs 360.95, up 1.16 per cent with volume of 45.31 lakh shares.

IOC order boosts Alphageo

ALPHAGEO (India), a company into seismic surveys for oil exploration, is attracting lot of market attention over the last few days. Since the beginning of this month, the stock has almost gained 50 per cent. Rise in the stock price is attributed to the company bagging Rs 20 crore order from Indian Oil Corporation.

Dealers said this order is much more than the total turnover of the company for the financial year 2002-03. The sales of the company in 2002-03 were Rs 10 crore and net profit was Rs 1.19 crore. In addition, talks are that with oil exploration by various companies to be started over the next few years, the company is expected to bag good order from these companies.

Some institutional investors have also shown interest in the counter and have bought small quantities on these expectations. On Wednesday, the stock closed at Rs 26.45, up 1.85 per cent on the BSE with volume of 94,232 shares.

Virendra Verma

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