The Hindu Business Line : Takeover rumours fuel growth

According to the market grapevine, Lafarge is reportedly the interested party. Analysts maintain given that the company has an Rs 1,800-crore debt, a takeover would be a positive option. Sources said that it is either a sell out or the company has to think in terms of shutting down its plants to settle the debt. The perception, however, is that in the event of a takeover, Lafarge would be looking at a cheaper price. The stock of India Cement ended the day at Rs 41.15 up 1.23 per cent with around 14.09 lakh shares traded on the BSE. On the NSE, it ended at Rs 41.20 up 1.23 per cent with around 36.46 lakh shares traded.

Price rise spurs interest

THE strengthening of copper and aluminium prices on the LME, spurred interest in the Hindalco counter on Friday.

Market sources said that worries over excess copper inventory have been set aside on talk of China having imported a significant quantum in the recent past. Analysts maintain that copper and aluminium consumption in India would grow at 6 per cent-7 per cent per annum. This apart, the company having gone in for a capex, it is expected to impact financials positively. The stock ended the day at Rs 1,132.50 (BSE) and Rs 1,132.60 (NSE).

Rules firm

EVEN as steel stocks across the board tumbled following reports of a 5-per cent import duty cut, the counter of Kalyani Steel continued to rule firm.

The stock ended the day 8.14 per cent higher on the BSE on Friday. The stock is not listed on the NSE. Word on the street was that there was informed buying taking place at the counter. Rumours are that several mutual funds were mopping up shares at this counter. The stock ended at Rs 68.45 on the BSE with around 3.8 lakh shares traded.

Remains under pressure

The 5-per cent import duty cut in petroleum products announced by the Government, propped up fears of pressure on refining margins leading to a weakening in the Reliance Industries counter. The counter which, has in the recent past, enjoyed a good run due to firm petrol prices, reacted to end the day at Rs 463.30 down 2.52 per cent with around 27.90 lakh shares traded on the NSE on Friday. Brokers said that the counter remained under pressure in spite of bagging a huge order from NTPC.

Deeptha Rajkumar

More Stories on : Stock Markets | Ear to the ground

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
SBI Mutual to launch emerging business fund

What's been earned by the unearned

Fine line between traders and investors

Bear domination

Tata Power trips on profits concern

Hyderabad Ind jumps on strong Q1 numbers

Takeover rumours fuel growth

GAIL: Outlook negative, sell Sept futures

SEBI eyes `primary regulator' role

Sensex plunges into negative territory

Investor fund transfers: Ministry to condone delays