Sterlite Industries jumps 7.3%, Tata Steel 4.6%
Share prices of Sterlite Industries jumped 7.3% followed by Tata Steels at 4.6 percent and Hindalco at 4.3 percent. Shares of Larsen & Toubro Ltd., the largest private-sector infrastructure company in India, rose to the highest in four months.
This is India's largest non-ferrous metals and mining company and are one of the fastest growing private sector companies.
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Indian share prices observed significant rise after China announced to do away with Yuan’s fixed rate against dollar. Share prices at BSE rose to their highest in more than two months as investors were encouraged to take more risks.
Sterlite Industries (India) rose 1.25% to Rs 643 at 10:28 IST on BSE, after the company fixed 22 June 2010 as the record date for a 2-for-1 stock split and a liberal 1:1 bonus issue. The stock hit a high of Rs 648.70 and a low of Rs 642.20 so far during the day. The stock had hit a 52-week high of Rs 928 on 6 June 2010 and a 52-week low of Rs 536.30 on 9 July 2009. The company’s equity capital is Rs 168.08 crore. Face value per share is Rs 2. Thus, a shareholder having 100 shares of Rs 2 each of Sterlite Industries, will end up getting 400 shares of Rs 1 each after the stock-split.
Experts sayings:
Anu Jain, Vice President - IIFL Private Wealth Management, India Infoline.Stirlite Industries has target of Rs 720, says "I think it’s just a trend for the day and apart from that the fact that Sterlite is on support level, so on Friday it had shown that it is probably testing the support but with the news given today I think there will be added bonus to it. So at about Rs 678 where it closed, I am sure it is going to open a percent or two higher but with a stop loss of about Rs 665, Rs 720 looks possible as a swing target.”
Siddharth Bhamre, Angel Broking says, "Overall our view on Nifty is bearish and positionally metals also were bearish but since market is going to consolidate for a couple of days according to us, I feel Sterlite is near its very good support of Rs 620. Today you might see on some dips probably to Rs 615-617 levels and some sort of short covering would take place."
Indian share prices observed significant rise after China announced to do away with Yuan’s fixed rate against dollar. Share prices at BSE rose to their highest in more than two months as investors were encouraged to take more risks.
Share prices of Sterlite Industries jumped 7.3% followed by Tata Steels at 4.6 percent and Hindalco at 4.3 percent. Shares of Larsen & Toubro Ltd., the largest private-sector infrastructure company in India, rose to the highest in four months.
On June 19, 2010, The People’s Bank of China announced that it was ready to make Yuan more flexible as the global economy is recovering form recession and the country is observing a balanced trade.
The announcement resulted into the rise in prices of copper and other base metals today i.e June 21, 2010. At 10.57 a.m ( 0527 GMT) Sensex at the BSE rose to 17,893.71 points, a 1.83 percent rise since the middle of April when it observed a high of 17,894.04 points. All the components of BSE Index observed an upward movement. The BSE Index advanced 5.6 percent in June after declining 3.5 percent in May.
Sterlite Industries (India) rose 1.25% to Rs 643 at 10:28 IST on BSE, after the company fixed 22 June 2010 as the record date for a 2-for-1 stock split and a liberal 1:1 bonus issue. The stock hit a high of Rs 648.70 and a low of Rs 642.20 so far during the day. The stock had hit a 52-week high of Rs 928 on 6 June 2010 and a 52-week low of Rs 536.30 on 9 July 2009. The company’s equity capital is Rs 168.08 crore. Face value per share is Rs 2. Thus, a shareholder having 100 shares of Rs 2 each of Sterlite Industries, will end up getting 400 shares of Rs 1 each after the stock-split.
Experts sayings:
Anu Jain, Vice President - IIFL Private Wealth Management, India Infoline.Stirlite Industries has target of Rs 720, says "I think it’s just a trend for the day and apart from that the fact that Sterlite is on support level, so on Friday it had shown that it is probably testing the support but with the news given today I think there will be added bonus to it. So at about Rs 678 where it closed, I am sure it is going to open a percent or two higher but with a stop loss of about Rs 665, Rs 720 looks possible as a swing target.”
Siddharth Bhamre, Angel Broking says, "Overall our view on Nifty is bearish and positionally metals also were bearish but since market is going to consolidate for a couple of days according to us, I feel Sterlite is near its very good support of Rs 620. Today you might see on some dips probably to Rs 615-617 levels and some sort of short covering would take place."
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