The Hindu Business Line : Goodlass Nerolac up on open offer talk

IS there a takeover bid or an open offer possibility in paints company Goodlass Nerolac? The stock market seems to be sensing this development. On Tuesday's trading there was a block deal of about 4.75 lakh shares in the counter on the BSE. The share price also rose along with this deal.

On the BSE a total of 5.69 lakh shares were traded with the stock closing at Rs 107.95, up 5 per cent. In contrast, on the NSE, the volumes stood at 5,164 shares only, though the Goodlass Nerolac stock closed 8 per cent higher at Rs 107.50. The average trading volume in the counter is around 2,000-2,500 shares each on both the bourses.

Dealers feel there could be a possibility of an open offer from the foreign promoter, who currently holds 64 per cent in the firm or accumulation of shares for a takeover bid.

Buy-back triggers action in GE Shipping

THE on-going buy-back offer from GE Shipping is gaining momentum in the last few days. Dealers said the company is in the process of completing the buy-back program. There was an increase in trading volumes on the NSE on Tuesday with a block deal of around nine lakh shares. Sources said the company would have bought back these shares with a domestic institution selling them.

On the NSE, the total shares traded in the counter were 12.50 lakh shares, substantially higher than Monday's volume of 44,249 shares. Similarly, on the BSE, the volumes were higher at 6.91 lakh shares compared to 5.28 lakh shares traded on Monday. Shares of GE Shipping ended two per cent higher at Rs 24.40 on the BSE and at Rs 24.30 on the NSE.

Digital GlobalSoft gains on FII backing

ON a dull FII trading day, there was some FII buying in Digital GlobalSoft counter. Market sources reveal that a US-based FII bought about 10 lakh shares of the IT company. In the last few days, the FII has been accumulating shares of the company after it announced good results for the quarter ended December 2001.

On back of this, the shares of Digital Globalsoft ended 3.24 per cent higher at Rs 576.25 on the BSE. On the NSE, it ended 2.6 per cent higher at Rs 581. The volume was also higher on both the bourses as compared to the previous session.

Virendra Verma
Aparna Krishnan

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