The Hindu Business Line : GlaxoSmithKline Pharma: Land sale kicker

THERE was good buying interest at the counter of GlaxoSmithKline Pharmaceuticals on Monday on unconfirmed reports that the drug-maker has concluded the much-speculated sale of its Worli property.

A stock market source said the company has inked a deal to sell the premium real estate at a little over Rs 100 crore. Reports in early December had suggested that the company was in talks to sell the property to a combine of ICICI Ventures and Oberoi Developers for Rs 108 crore. Though Glaxo had admitted then that talks were indeed on, it had said a deal was not closed.

Glaxo shares closed almost flat at Rs 638.50 on the BSE on Monday. While trading volume at the Glaxo counter on the BSE stood at 15,453 shares, that at the NSE stood at 32,654 shares.

Margin play

THE stocks of standalone refiners Bongaigaon Refineries and Chennai Petroleum were much in demand from institutional investors on Monday. According to the market grapevine, the companies enjoy refining margins of between $3.6 per barrel and $3.8 per barrel, which were among the highest in the world. The companies were expected to show excellent performance on the back of such high margins.

While Bongaigaon Refineries rose 7 per cent to Rs 84.10 per share on the BSE, Chennai Petro rose 6.5 per cent to Rs 98.95 apiece on the exchange. The Bongaigaon counter on the BSE saw a trading volume in excess of 23 lakh shares and that on the NSE of 47.7 lakh shares. While nearly 6.5 lakh Chennai Petro shares were traded on the BSE, about 13.15 lakh of them changed hands on the NSE.

Flexing marketing muscles

FOREIGN institutional investors are said to be very bullish on banking solutions provider i-flex Solutions. According to a market source, the company recently held a successful customer-meet where over 50 clients from across the world attended. The company's core banking solution, Flexcube, is one of the most popular products in the banking world. A couple of large broking firms are said to be recommending the stock to their clients. The i-flex stock rose more than 2 per cent to close at Rs 715.85 with 37,641 shares traded on the BSE. Over 1.5 lakh shares of the company changed hands on the NSE.

Dinesh Narayanan

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