The Hindu : Rally in HLL lifts Sensex

Online edition of India's National Newspaper
Saturday, Aug 17, 2002

Business

Business

Rally in HLL lifts Sensex

MUMBAI AUG. 16. Led by Hindustan Lever, key counters rallied smartly lifting the Sensex up by over 45 points at close on the Bombay Stock Exchange today on hectic buying support by speculators and domestic funds.

HLL were the star performer, scoring impressive gains on reports that the company has cleared its proposal of giving a bonus debenture of Rs. 6 at the coupon rate of 9 per cent per annum and redeemable within 18 months, for every paid-up share, market sources said.

Brokers also attributed buying in HLL to good monsoon in the Northern States saying that foreign institutional investors and local institutions made hectic purchases at the prevailing attractive price level.

The Sensex was well supported by a smart rise in other heavyweights such as RIL, Infosys Technologies, Satyam Computer, MTNL, L&T, ITC and HCL Tech.

A two-session winning streak on Wall Street also aided sentiment. The Dow Jones Industrial Average gained 260 points on August 14 and 74.83 points on August 15 while the Nasdaq Composite Index rose by about 75 points in two sessions.

The BSE benchmark 30-share index opened on a firm note at 3031.24 and gradually moved upwards to the intra-day high at 3070.86 before ending at 3065.90 against 3020.70, netting a rise of 45.20 points or 1.50 per cent.

PTI

Printer friendly page
Send this article to Friends by E-Mail

Business