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Zee sinks deeper into the red

Zee Telefilms sank deeper into the red in afternoon trades as selling pressure continued on the counter. The media major was trading at Rs 80.30, down 12.72% from its Tuesday's close, after touching a low of Rs 79.

Market regulator Sebi is scrutinising the funding source of some of its deals like the $154-million purchase of Star TV's 50% stake in three joint venture companies last year. The Sebi investigation has revealed that the Zee group had given Rs 515 crore to entities linked to the Ketan Parekh group between January 2000 and March 2001. A total of 20 lakh Zee shares were traded on BSE.

The overall market, meanwhile, remained subdued as selling pressure continued almost across the board. Selling was seen in software, telecom, media, pharmaceutical as well as FMCG stocks.

The BSE Sensex, as a result, remained weak. At 13:54 IST, the Sensex was down 23.32 points to 3,311.77.

The NSE S& P CNX Nifty Index was down 5.70 points to 1,066.85.

NIIT (down 7.58% to Rs 184) touched a 66-month low of Rs 178.10 as selling pressure continued. The stock has shed nearly 39% after the company announced quarterly results last week. For the quarter ended 30 June 2001, the software training major posted a 93.22% fall in net profit to Rs 5.29 crore (Rs 78.02 crore) on an income of Rs 155.57 crore (Rs 204.25 crore).

Satyam Computer (down 5.61% to Rs 153) and Infosys Technologies (down 0.46% to Rs 3,683.25) lost further ground.

Pharmaceutical pivotals like Dr Reddy's Laboratories (down 3.19% to Rs 1,613), Ranbaxy Laboratories (down 2.05% to Rs 502.10), Glaxo (down 1.34% to Rs 282.80) and Cipla (down 0.75% to Rs 1,071.10) moved downward in afternoon trades.

Meanwhile, Hindustan Lever (up 1.70% to Rs 221.05) held gains on selective buying interest. Over 8.64 lakh HLL shares were traded on BSE.

Old Economy pivotals like Grasim (up 1.44% to Rs 314.50), State Bank of India (up 0.38% to Rs 211) and Hindalco (up 0.21% to Rs 772.10) remained in the positive territory.

Among non-Sensex tech stocks, SSI touched a new three-year low of Rs 152.25 as selling pressure continued on the counter. Over 10.14 lakh SSI shares were traded on BSE so far.

Polaris Software (Rs 131.25) and DSQ Software (Rs 29.35) remained frozen at the 20% lower limit of the circuit breaker.

Aptech (down 16.06% to Rs 54.35) touched its 54-month low of Rs 53.80 as selling continued.

Aftek Infosys (down 13.69% to Rs 105) was subdued ahead of the announcement of quarterly results.

Wipro (up 0.63% to Rs 1,360.25) managed to buck the trend on selective buying interest. Over 3.78 lakh Wipro shares were traded on BSE so far.

Global Tele-Systems (down 4.57% to Rs 99.25) and HFCL (down 7.72% to Rs 56.80) continued to lose ground.

Optical fibre major Sterlite Optical touched a new low of Rs 163.05 as selling pressure continued on the counter. Over 11.45 lakh Sterlite Optical shares were traded on BSE so far.

Aksh Optifibre (Rs 84.55) was frozen at the 8% lower limit of the circuit breaker.

Among other telecom stocks, Krone Communications (down 11.70% to Rs 86) was subdued ahead of the announcement of quarterly results. Framatome Connectors (Rs 95.75) was frozen at the 8% lower limit of the circuit breaker.

Other telecom stocks like Vindhya Telelink, Punjab Communications, Mobile Telecom, Birla Ericsson, Surana Telecom, Tata Telecom and Usha Beltron were subdued.

Source: www.capitalmarket.com

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