Grasim firmed up following impressive quarterly results. Banking sector stocks remained subdued, as investors were not enthused by a marginal 25 bps cut in bank rate and cash reserve ratio (effective from 14 June 2003). Ironically, two-wheeler and housing finance stocks rose due to the same move.

Bargain hunting continued in some hugely battered stocks. The market had been under a bear spell of late amid various factors including fears of the economic impact of SARS and some disappointing corporate results.

At 14:25 IST, the BSE Sensex was trading 13.45 points higher at 2,950.16. The NSE S & P CNX Nifty Index was up 2.60 points at 922.10

A V Birla group VSF and cement maker Grasim (up 4.83% to Rs 365.30) leaped up after the company posted impressive quarterly results that beat market expectations. For the quarter ended 31 March 2003, the Aditya Birla group flagship posted a net profit of Rs 0.49 crore (Rs 79.23 crore) on total income of Rs 1,267.06 crore (Rs 1,169.86 crore). The lower net profit for the quarter is attributed to an extraordinary expense of Rs 209 crore.

For the year ended 31 March 2003, the company's net profit stood at Rs 367.58 crore (Rs 302.96 crore) on total income of Rs 4,742.13 crore (Rs 4,501.26 crore). On consolidated basis, the group's net profit stood at Rs 322.39 crore on total income of Rs 5,024.77 crore. The company's board has recommended a dividend of Rs 10 per share for FY 2003-04.

Largest media listing Zee Telefilms (up 3.65% to Rs 72.50) continued to trade off its day's high of Rs 74.95 . Close to 30 lakh Zee shares were traded on BSE today.

Housing finance major HDFC (up 3.55% to Rs 322.75) climbed on sustained buying interest after a recent fall . From its Monday's low of Rs 295, the HDFC stock has risen 9.40% on value buying.

Two-wheeler majors Bajaj Auto (up 3.33% to Rs 496.30) and Hero Honda Motor (up 2.42% to Rs 201.10) remained firm on sustained buying interest following a 25 bps cut in the bank rate.

GlaxoSmithKline Pharma (up 2.89% to Rs 319) gained further ground on sustained buying interest following improved quarterly performance. For the quarter ended 31 March 2003, it posted a net profit of Rs 35.09 crore (Rs 23.02 crore) on total income of Rs 268.37 crore (Rs 272.55 crore).

Ranbaxy Labs (up 2.91% to Rs 670.30) remained firm ahead of the announcement of quarterly results. The company has won tentative approval from the US FDA to market a generic form of Bristol-Myers Squibb Co's anti-depressant Serzone. 4 lakh Ranbaxy shares were traded on BSE so far.

Cipla (up 1.01% to Rs 633.35) held gains on selective buying after losing nearly 11% on Monday following a disappointing quarterly performance.

Old Economy pivotals BSES (up 2.22% to Rs 223), Hindalco (up 1.96% to Rs 632), L & T (up 1.02% to Rs 193), ACC (up 0.86% to Rs 129.65) and Castrol (up 0.10% to Rs 192.10) held gains.

FMCG pivotals Nestle India (up 0.66% to Rs 537), ITC (up 0.42% to Rs 683.25) and Colgate Palmolive (up 0.39% to Rs 129.50) were trading in the positive .

Largest bank by assets State Bank of India (down 1.93% to Rs 277.50) remained subdued. Over 11.60 lakh SBI shares were traded on the counter.

Pharma major Dr Reddy's Labs (down 1.20% to Rs 861.25) continued to trade lower as selling continued.

Tech pivotals HCL Tech (down 0.68% to Rs 137.90), Satyam Computer (down 0.28% to Rs 159.80) and Infosys Tech (down 0.13% to Rs 2,888) slipped into the red as selling pressure gained momentum after a steady opening.

Other pivotals Tata Steel (down 1.03% to Rs 129.80), MTNL (down 0.87% to Rs 91.30), HPCL (down 0.36% to Rs 274.60), Gujarat Ambuja Cements (down 0.40% to Rs 164), Hindustan Lever (down 0.25% to Rs 139.10) and Bhel (down 0.24% to Rs 229.35) were trading in negative zone.

Genesys Int'l (up 10.03% to Rs 37.85) firmed up, rising from a low of Rs 34 to a high of 40, on renewed buying interest on the counter.

Geodesic Info (Rs 76.65) was frozen at the 5% upper limit of the circuit breaker, with close to 10,000 shares traded on the counter.

e-Serve Int'l (up 2.43% to Rs 442), Hinduja TMT (up 2.10% to Rs 174.85) and Tata Elxsi (up 1.86% to Rs 71.20) held gains on selective buying interest ahead of the announcement of quarterly results.

Others like Infotech Enterprises (up 1.34% to Rs 106), Rolta India (up 1.13% to Rs 58.35), Hexaware (up 0.75% to Rs 100.80), Geometric Software (up 0.49% to Rs 393.55), Aftek Infosys (up 0.51% to Rs 189.05), VisualSoft (up 0.44% to Rs 137.45), CMC (up 0.43% to Rs 498) and Tata Infotech (up 0.39% to Rs 141.60) were trading in positive zone.

Nucleus Software (down 3.42% to Rs 72) eased on profit booking after the stock gained over 9% on Monday.

Other second-line tech stocks Fortune Info (down 3.38% to Rs 37.15), Subex Systems (down 3.33% to Rs 103), HCL Infosystems (down 1.43% to Rs 99.90), MphasiS BFL (down 1.31% to Rs 542.20), Ramco Systems (down 0.89% to Rs 391.90), Aptech (down 0.46% to Rs 32.65), Blue Star Info (down 0.31% to Rs 111.35) and KPIT Cummins Info (down 0.14% to Rs 141) were trading lower on selling pressure.

Centurion Bank (down 5.69% to Rs 9.95) eased, having come off from the day's high of Rs 10.75, on selling at higher levels after recent gains from the lower levels. Over 5.17 lakh Centurion Bank shares were traded on BSE.

Andhra Bank (down 4.26% to Rs 29.20) remained subdued, having come off from the day's high of Rs 31.25, on selling at higher levels. Over 10.88 lakh Andhra Bank shares were traded on BSE so far.

Other banking sector stocks Bank of Baroda (down 3.42% to Rs 83.40), Punjab National Bank (down 2.80% to Rs 114.50), Union Bank (down 2.57% to Rs 26.50), Syndicate Bank (down 2.76% to Rs 21.15), South Indian Bank (down 2.44% to Rs 40), Corporation Bank (down 2.43% to Rs 142.50), IDBI Bank (up 2.24% to Rs 24), Canara Bank (down 1.88% to Rs 86.15), Karur Vysya Bank (down 1.86% to Rs 174.20), Dena Bank (down 1.79% to Rs 13.70), Karnataka Bank (down 0.97% to Rs 56.30), Federal Bank (down 1.32% to Rs 97.45), J & K Bank (down 1.27% to Rs 143.80), UTI Bank (down 1% to Rs 44.45) and Bank of India (down 0.86% to Rs 40.50) declined .

Oriental Bank of Commerce (up 3.32% to Rs 85.60) continued to trade off its 52-week high of Rs 89 – touched earlier in the day. The strength on the OBC counter was attributed to the announcement by the company that it will pay Rs 50 crore to the Union Government as a move to reduce its share capital. Over 11.90 lakh OBC shares were traded on BSE so far.

Others like Kotak Mahindra Bank (up 1.65% to Rs 145), LIC Housing Finance (up 1.27% to Rs 80), HDFC Bank (up 1.11% to Rs 246.50) and ING Vysya Bank (up 0.15% to Rs 239.90) were trading in positive zone.

Source: www.capitalmarket.com