Financial Daily from THE HINDU group of publications
Friday, Jan 09, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 09, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Forging new ties Dinesh Narayanan
ONE of the hottest mid-cap stocks of the year, Bharat Forge Ltd is said to be looking to privately place some of its equity. The market grapevine says the placement is likely at a price of over Rs 1,000 per share. Investors are also expecting a dividend of about 120 per cent from the auto ancillary maker. The company has already announced plans to raise long-term resources of about Rs 350 crore to fund expansion of its forging and machining capacity at Mundhwa Pune to meet the emerging business requirements. It is setting up a modern machining facility for heavy-duty crankshafts with a capacity of two lakh pieces a year. It is also planning three additional press lines. The stock rose marginally on Thursday to close at Rs 744.45. While 88,248 shares were traded on the BSE, 68,607 shares were traded on the NSE.
New find STRONG buying interest, both institutional as well as retail, was noticed at the counter of Reliance Industries on Thursday. Many dealers in the market said they had heard talk of the company being ready to announce another gas find. It has been close to a year since Reliance announced its first gas strike in the Krishna-Godavari basin. The Reliance stock closed at Rs 589.45, up about 1.7 per cent from its previous close on the BSE. While a little over 30 lakh shares were traded on the BSE, 53.4 lakh shares changed hands on the NSE.
GDR buzz STRONG foreign institutional buying was seen at the counter of Jaiprakash Industries Ltd. According to a market source, the company is planning an overseas issue at nearly double the current market price. The source said one particular foreign investor has been consistently buying the stock from Rs 65 levels. The stock rose more than 14 per cent to touch a 10-year high of Rs 131, but retreated to close at Rs 129.85. While about 43.5 lakh shares were traded on the BSE, the trading volume stood over 73 lakh shares on the NSE.
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