Financial Daily from THE HINDU group of publications
Wednesday, Dec 17, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 17, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Film-maker pulls crowd
THE stock of film distribution and production company Adlabs Films was enjoying the market limelight on Tuesday. Local investors, retail and institutional, heavily bought the stock, which set a new year-high before closing lower. According to a market source, the investors were flocking to the counter on rumours that the US-based film industry heavyweight Time Warner is acquiring a strategic stake in the company through a subsidiary firm. The grapevine speculated that the deal is likely to be struck at between Rs 160 and Rs 180 per share. Talk of the company partnering with a strategic investor has already done several rounds of the stock market. However, the company is yet to make a firm announcement. Compared to its previous close, the stock gained nearly 15 per cent to close at Rs 115.20 on Tuesday. While about 3.16 lakh shares were traded in hectic trading on the BSE, 7.33 lakh shares changed hands on the NSE.
A tech merger? RUMOURS were strong in the market on Tuesday that iGATE Global Solutions, headed by the former Infosys marketing chief, Mr Phaneesh Murthy, would take over Sonata Software. iGATE said it would make a `significant' media announcement on Wednesday. A section of the market also speculated iGATE has entered into a `tie-up' with Vysya Bank. The iGATE stock closed 11 per cent up at Rs 350.80 on the BSE with about 3.5 lakh shares traded. More than 10 lakh shares were traded on the NSE. Sonata shares closed nearly 6 per cent up at Rs 18.95 a share with a combined volume of more than 37 lakh shares on the two exchanges.
FII interest perks up index biggies INDEX heavyweights Hindustan Lever and ITC Ltd were attracting considerable buyer attention on Tuesday. A dealer noticed heavy buying by a foreign brokerage house that has a strong institutional clientele. It was rumoured that Janus and T. Rowe Price have placed big orders for the two stocks. The dealer said while the Hindustan Lever stock appears to be a reasonably good buy even at current levels, ITC's non-tobacco business holds good potential for growth, making the share very attractive. Besides, the Supreme Court has reserved its order in a case charging excise evasion by the cigarette maker. A favourable ruling by the court would add about Rs 700 crore to the bottomline of the company. The HLL stock closed at Rs 199.60 per share, up 3.37 per cent and the ITC stock ended at Rs 1,032, up 3.76 per cent. The HLL counter at the BSE and the NSE clocked trades in excess of 37.5 lakh and 76.07 lakh respectively. While more than 3 lakh ITC shares changed hands on the BSE, the volume on the NSE stood a little over 7.5 lakh shares.
Dinesh Narayanan
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