Firstsource Solutions has highest average daily volume for week

Firstsource Solution posted the highest average daily volume for the week ended 23 February 2007.

The average daily volume for the BPO firm, which debuted at Rs 75.10 on the BSE on Thursday (22 February 2007), stands at 1.99 crore shares for the week ended 23 February 2007. The IPO price of the scrip was Rs 64, and had settled at Rs 79.60 on the day of debut.

IFCI, Zee News, Redington India, Cinemax India, Reliance Natural Resources, Pochiraju Industries, Global Broadcast News, Himachal Futuristic Company, Bellary Steels, Sail, and Aptech were the other average daily volume topper for the week ended 23 February 2007.

IFCI was the volume topper on most of the days during the week under consideration. The scrip dropped 4.63% for the week ended 23 February 2007, to close at Rs 27.80. The scrip’s average daily volume for the week ended 23 February 2007, stands at 1.86 crore shares, compared to the average daily volume of 65.58 lakh shares in the past 1 year.

The scrip with the third biggest average daily volume for the week ended 23 February 2007 was Zee News. The scrip surged 15.34% during the week, to close at Rs 41.35, on an average daily volume of 1.06 crore shares, compared with the company’s average daily volume of 27.60 lakh shares in the past 1 year.

Redington India stood fourth in the average daily volume toppers for the week ended 23 February 2006. The scrip dropped 11.61% to close at Rs 144.30 on 23 February 2007, compared to the closing price last weekend. The scrip, however, was traded heavily in the market. Its average daily volume for the week ended 23 February 2007 stands at 45.33 lakh shares compared to the average daily volume of 81.89 lakh shares during the past 1 year.

The other high average daily volume gainers were Cinemax India at 43.71 lakh shares (86.71 lakh shares was its average daily volume in the past 1 year), Reliance Natural Resources at 39.90 lakhs shares (41.25 lakh shares), Pochiraju Industries at 36.20 lakh shares (70.20 lakhs shares), Global Broadcast News at 33.57 lakh shares (40.60 lakh shares), Himachal Futuristic Company at 31.52 lakh shares (26.41 lakh shares), Bellary Steels at 31.47 lakh shares (18.35 lakh shares), SAIL at 28.97 lakh shares (33.69 lakh shares), and Aptech at 28.48 lakh shares (4.30 lakh shares).

The market had declined through the week amidst high volatility. Factors like the CRR-hike, rising inflation, concern over rising domestic interest rates, unwinding in derivatives ahead of expiry of February 2007 contracts on 22 February 2007, and fear that short-term capital gains tax may be hiked in the Union Budget 2007-08, were the major triggers for the fall. Caution was also partly due to worries of a possible interest rate hike by the Bank of Japan (BoJ), which was raised to 0.50% on 22 February 2007.

The BSE Sensex shed 723.02 points for the week ended 23 February 2007, to settle at 13,632.53 compared with the previous week’s closing of 14,355.55 on 15 February 2007. The S&P CNX Nifty lost 207.30 points, to settle at 3,938.90 compared with the previous week’s closing at 4,146.20.