Tuesday April 23, 01:30 PM
Reliance fuels Sensex... |
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By Equitymaster.com
The markets are moving up led by Reliance (RELI.BO, news) group companies. Reliance Petro has reported better than expected FY02 results. Software and media stocks are up selectively. Activity in pharma and banking stocks in general is lacklustre. May and June series of Nifty futures are trading at a premium of 9 points to spot.
The BSE Sensex is at 3,401 (up 11 points) and the NSE Nifty is at 1,104 (no change). The rupee is trading at Rs 48.97 per US dollar.
Reliance Petro has reported a 14% rise in net profits and 10% growth in revenues for the year ended March 2002. In the fourth quarter the company's earnings were higher by 5.5% and sales increased marginally by 1.5%. The company's results are above market expectations. RPL's stock is up by 1.2%.
Commodity stocks are lacking buying interest. Tisco is down marginally. The company is reported to be in talks with Maruti and Suzuki Motors of Japan to meet the auto sheet needs of Maruti cars. Tisco will supply the steel to Maruti at cheaper prices as against Maruti's higher landed cost of imports.
Media stocks are up selectively. Balaji and Zee are attracting selling pressure at higher levels. Navneet Publications and Mukta Arts, on the other hand have flared up sharply.
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