Financial Daily from THE HINDU group of publications
Wednesday, Sep 24, 2003
Financial Daily from THE HINDU group of publications Wednesday, Sep 24, 2003 |
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Markets
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Stock Markets Asahi Glass evokes interest on open offer rumours Deeptha Rajkumar
THE stock of Asahi India Glass witnessed sustained interest, registering good volumes on the bourses on Tuesday. According to the market grapevine, talk of parent company Asahi Glass Co Ltd of Japan making an open offer at Rs 100-120 levels was the main driver at this counter. Brokers said that in the wake of such rumours there could be a run up at this counter. Asahi is promoted by Labroo and Associates, and Maruti Udyog Ltd besides the Japanese parent. It is one of the largest manufacturers of automotive safety glass and commands a 20 per cent market share. Its client profile includes, Tata Motors, M&M, Hyundai, Toyota Kirloskar, Ford India, Honda Siel, Hindustan Motors, Fiat, etc. In the non-automotive segment AIS has been manufacturing and supplying architect glass to meet the growing requirement of housing and construction sector. According to analysts, post amalgamation of Floatglass India with Asahi India, the company is looking at bettor prospects ahead. "Given the auto boom in the country, the company should do well. It is also looking to place bettor emphasis on exports and plans to export a fourth of its production," an analyst said. However, marketmen are united in their opinion that at these levels valuations look a bit steep. Sceptics are also of the view that this could be a `delisting' offer and hence a short-term story. The board of directors of is to meet on September 24 for the purpose of issue and allotment of equity and preference share of the company to the shareholders of erstwhile Floatglass India Ltd after the scheme of amalgamation of the two. The stock ended the day at Rs 93.50 up 2.19 per cent on the BSE with around 87,100 lakh shares traded. On the NSE the stock closed at Rs 92.75 up 0.49 per cent with around 1.16 lakh shares traded.
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