Financial Daily from THE HINDU group of publications
Friday, Mar 12, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 12, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Placement talk buoys it
THE stock of shipping company Mercator Lines hit the upper circuit after investors rushed to buy its shares on speculation that the company is talking to private investors to issue fresh equity. According to a market source, the company is likely to privately place some equity at nearly 25-30 per cent premium to the current market price. The company is also expected to renew and upgrade, a contract that expires on March 31 to carry crude oil for the Mangalore-based MRPL Ltd. Mercator shares closed up 5 per cent at Rs 246 on the BSE with a total traded volume of 35,722 shares.
More competition THE stocks of two-wheeler makers Bajaj Auto and Hero Honda skidded on unconfirmed news that Honda Motors and Scooters India, maker of `Activa' model scooters, is planning to launch two new models in the market. According to a source, the company is already preparing its dealers for the new launches that are expected to be in the 125-cc and 150-cc categories. The source said Honda is planning to price the two models in the range of Rs 48,000 - Rs 50,000, directly competing with Bajaj's `Pulsar' and Hero Honda's `Splendor.' A couple of foreign institutional investors were reportedly big sellers at the two counters. Both Bajaj Auto and Hero Honda shares lost nearly 4.5 per cent on Thursday closing at Rs 857.95 per share and Rs 472.40 per share respectively.
Dinesh Narayanan
More Stories on : Stock Markets | Ear to the ground
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