Sensex advances 141 points

The market kept its rally intact as investors continued to mop-up shares at higher levels. The BSE Sensex advanced 141.45 points (1.03%) during the week ended 1 December, to 13,844.78, a record closing high. The S&P CNX Nifty rose 46.75 points (1.18%), to settle at 3,997.60, an all-time closing high.

Trading for the week began on a firm note. On Monday (27 November), the Sensex jumped 70.26 points, to 13,773.59, a record closing, partly on steady-to-firm Asian markets and partly due to short covering in the derivatives segment.

The Sensex plunged 171.64 points, to 13,601.95, tracking weak global markets on 28 November 2006. The BSE Sensex rose marginally by 14.78 points, to 13,616.73 on 29 November, amid a mixed trend in its constituents. On 30 November 2006, the Sensex finished with a gain of 79.58 points, at 13,696.31.

Sensex jumped 148.47 points to 13,844.78 on Friday (1 December), a record closing following a smooth rollover of November contracts and the sunsequent build up for December series, coupled with robust GDP figures.

Tata Power rose 1.32% to Rs 598.10. The company reported 61% growth in net profit for Q2 September 2006, to Rs 202.32 crore (Rs 125.67 crore). Total revenue rose 16.5% to Rs 1,279.17 crore, from Rs 1,097.21 crore.

Software major TCS rose 2.85% to Rs 1,183.30. TCS signed a 7-year deal worth $65 million for reorganising Somerfield's IT services. Somerfield is a leading UK-based, small-format food retailer.

Oil & refinery stocks slipped after the government announced a cut in retail prices of diesel and petrol by Re 1 and Rs 2, respectively, on Wednesday. Also crude oil prices moved near $62 per barrel, leading to a further fall in these stocks. Indian Oil Corporation (down 11.10% to Rs 445.50), Hindustan Petroleum Corporation (down 7.30% to Rs 289.75) and Bharat Petroleum Corporation (down 9.15% to Rs 342) declined.

Punj Lloyd jumped 15.46% to Rs 1,112. Punj Lloyd Group, a global infrastructure services provider, has bagged the order through Simon Carves, UK, a group company. The order is from PTT Polyethylene Company (PTT PE), a wholly-owned subsidiary of PTT Chemical Company, jointly with its partner Toyo Thai Corporation.

Ranbaxy Laboratories rose 0.10% to Rs 385.60. The company on Friday announced the acquisition of Be-Tabs Pharmaceuticals, the fifth largest generics company in South Africa, for $70 million.

Car major Maruti Udyog added 4.45% to Rs 952.60. In early-trade on Friday, the car major reported selling 55,033 vehicles in November, a 16.1% rise from a year earlier. The company said domestic sales rose an annual 20.7%, to 52,574, but exports fell 35.7% to 2,459 units.

Godfrey Phillips surged 42.49% to Rs 1,449.05, even as company denied rumours of a bonus issue and stock-split.

On 28 November 2006, Torrent Power (TPL), the umbrella company of the newly amalgamated generation, transmission and distribution businesses of the Torrent Group, settled at Rs 70.70 on BSE after listing at Rs 60 on BSE. Three companies, Torrent Power AEC (TPAL), Torrent Power SEC (TPSL) and Torrent Power Generation (TPGL), were merged into TPL giving shape to a scheme of arrangement.

GE Shipping re-listed on 27 November at Rs 264.65, and settled at Rs 222.70 that day, compared to the last trading price of Rs 336.70 of 7 November 2006. The scrip was relisted after giving effect to a restructuring scheme, whereby its offshore services division has been demerged into a separate company, and will be listed separately at a later date.

On 27 November, Lanco Infratech closed at Rs 241.40 on BSE, a marginal premium compared to the IPO price of Rs 240. Its public issue was oversubscribed nearly 12 times.

On 30 November, Parsvnath Developers settled at Rs 526.30, compared to the IPO price of Rs 300 per share. The company's paid-up equity capital is Rs 181.60 crore.

Mutual funds were net sellers for the first four days of the week, to Rs 262.48 crore, while FIIs purchased shares worth Rs 265.40 crore during the same period.

The domestic economy grew by 9.2% in the July-September quarter from a year earlier, higher than market expectations of 8.90%, data released earlier today showed. The annual growth rate in the second quarter of the 2006/07 financial year was higher than the April-June rate of 8.9%.

India's wholesale price index rose 5.45% in the 12 months to 18 November, higher than the previous week's annual rise of 5.29% due to a rise in mineral and manufactured product prices, data showed on Friday.