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Saturday, Oct 04, 2003

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Polyplex shines on export hopes

Dinesh Narayanan

SOME investors with very bullish outlook were accumulating Polyplex Corporation shares on Friday. According to dealers, a couple of mutual funds as well as a big broker were buying large quantities of the stock of the polyester filmmaker (biaxially-oriented polyester film).

Early this year, Polyplex had commissioned a new PET film plant with a capacity of 15,000 tonnes per annum in Thailand. The Delhi-based company had also plans to spend $30 million to double the capacity of the Thailand plant and invest in backward integration.

Dealers expect the company, which has a marketing joint venture in the US, to show good export-led growth this year. Nearly 50 per cent of the company's revenues are generated from exports, mainly to Europe and the US. It had posted a net profit of Rs 4.5 crore in the quarter ended June 30, 2003.

The stock closed more than 10 per cent higher on Friday at Rs 115.65 than its previous close on the NSE. While the traded volume on the NSE stood at 3.45 lakh shares, it was more than 2 lakh on the BSE.

Garden Silk up on growth talk

A COUPLE of retail brokers are recommending Garden Silks to their clients. They believe the company would show good export-led growth in the coming quarter.

According to dealers, there is also some mutual fund interest at the Garden counter.

The stock closed almost 11 per cent up on the BSE at Rs 44.15.

While two lakh shares changed hands on the NSE, the traded volume was near 1.65 lakh shares on the BSE.

Broking firm backs Vimta

A Mumbai-based brokerage has put a strong buy on the stock of Vimta Labs. The company, which is engaged in contract research and testing of pharmaceuticals and agro-chemical products, was up about 2 per cent on the BSE on Friday. It closed at Rs 119.70 with about 26,000 shares traded.

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