The Hindu Business Line : Coke benefit

The international spot price of met coke has risen nine-fold year-on-year to $450 per tonne. Domestic prices have also tripled to Rs 20,000 per tonne.

However, Gujarat NRE is likely to improve its operating margins as it has tied up long-time supply contracts for six lakh tonnes of coking coal at $60 per tonne.

It also has capped sea freight at $22 per tonne, according to the broker. The company is also expanding capacity from 2.4 lakh tonnes per annum to 6.8 lakh tonnes per annum, mainly through internal accruals. The stock rose nearly 5 per cent to close at Rs 61.95 on the BSE. About 8.25 lakh shares were traded on the counter.

Shining alone

STAND-ALONE refineries were in demand on Monday as several institutional investors rushed to buy shares of companies such as Bongaigaon Refineries and MRPL.

According to a market source, the investors were attracted to the prospect of these refineries benefiting from almost-assured offtake in the current year as oil marketers are likely to buy more from them cutting back on supplies from Reliance Industries' Jamnagar refinery. Being just refiners they are also insulated to crude oil price shocks.

Bongaigaon Refineries stock rose 6.29 per cent to close at Rs 70.10 per share on the BSE and MRPL rose more than 7 per cent to end the day at Rs 54.15 per share in high-volume trade.

Takeover rumours resurface

THE stock of Federal Bank was being pushed up by investors, who think the bank is being taken over.

While the Aluva-based old private bank is considered a hot takeover target and several banks are said to be keenly interested in buying it out, until now, nothing concrete has happened.

However, the grapevine has it that ICICI Bank, which is the largest single shareholder in the bank with a 21 per cent stake, may sell its holding. The stock rose 6.31 per cent to close at Rs 368.05 with a volume of 3.65 lakh shares on the BSE and 10.12 lakh shares on the NSE.

Dinesh Narayanan

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