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THE counter of IBP gained on Thursday following the announcement of its merger with Indian Oil Corporation.

Markets talk has it that the merger ratio is likely to favour the shareholders . According to dealers, IBP shareholders may get 1.4 to 1.6 shares of IOC for every one share of IBP. This was the main reason for active buying in the company's shares.

The stock price of the oil marketing major gained 5.68 per cent to Rs 623.40 on the BSE, with volumes of 1.55 lakh shares, and on the NSE, it closed at Rs 621.85, up 5.48 per cent, with volumes of 4.34 lakh shares. In comparison, the IOC stock gained 1.6 per cent to Rs 527.30 on the BSE, with volumes of 4.14 lakh shares. On the NSE, it closed at Rs 527.30, up 1.57 per cent, with volumes of 14.11 lakh shares.

Amtek Auto in full throttle

THE stock of auto ancillary company Amtek Auto is witnessing a lot of institutional interest even after the good results for the quarter ended March 2004.

According to dealers, the excellent financial performance is likely to continue in the current quarter. For the full year ended June 2004, the company is expected to report earning per share (EPS) of Rs 40-45. For the first nine months, its EPS was Rs 29.

Most of the buying in the counter is on expectation of the next financial year's (2004-05) performance. If market talk is to be believed, the company is likely to report EPS of around Rs 90 for the financial year ended June 2005, that is almost 100 per cent growth.

The entire growth for the company would come from its overseas acquisitions. Earlier this year, Amtek acquired the holding company of the UK-based GKW Group Ltd.

On Thursday, the stock gained 7.70 per cent to Rs 575.95 on the BSE, with volume of 1.42 lakh shares; on the NSE, it closed at Rs 575.05, up 7.91 per cent, with volumes of 34,483 shares.

Number crunching is sweet

DHAMPUR Sugar is expected to put in an excellent financial performance for the March quarter in line with the good performance of the entire sugar industry. The company board will meet on Friday to announce its March quarter results.According to the market grapevine, the company is likely to report a net profit of over Rs 8 crore compared with Rs 4.5 crore in the corresponding quarter last year. This is mainly due to the rise in the sugar prices during the last quarter.

On Thursday, the stock gained 3.80 per cent to Rs 43.65 on the BSE, with volumes of 1.81 lakh shares, and on the NSE, it closed at Rs 43.05, up 2.50 per cent, with volumes of 5.04 lakh shares.

Virendra Verma

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