Financial Daily from THE HINDU group of publications
Tuesday, Aug 31, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 31, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Takes wing on stake sale talk
WHILE the counter of courier company Blue Dart Express is no stranger to the rumour, this time around there appears to be an aura of finality around the story. Word on the street is that one can expect an announcement of a stake sale/strategic placement by the company shortly. Analysts reason that given that DHL (being touted as the interested party) is in an expansion mode globally, India would be a logical foothold. The grapevine is abuzz with talk that the placement could take place at a premium. Interestingly the stock has appreciated by more than 36 per cent from around Rs 166 levels as on August 2 to its current levels of Rs 227.50. The stock hit a 52-week high of Rs 237.60 intra-day on the BSE on Monday and ended at Rs 227.50, up 13.7 per cent, with around 79,711 shares traded.
Pillion rider? Stake sale rumours have also been dogging the counter of LML, which witnessed significant volumes and price rise on the bourses on Monday. According to the market grapevine, there is talk that TVS Motors is likely to pick up a stake in the company. Analysts maintain that with the motorcycle segment increasingly becoming price competitive, a refocus on the scooter segment was imminent. The stock ended the day at Rs 42.10, up 12.27 per cent, with around 15.26 lakh shares traded on the BSE. On the NSE, LML ended at Rs 42.25, up 12.67 per cent, with around 33.23 lakh shares traded.
Fundamental play ENGINEERING company Stewarts and Lloyds, which was propelled into the limelight on being acquired by IOC, has been slowly gathering strength on the bourses. Touted as a good fundamental story, there is talk that the stock is likely to come in for a re-rating. Analysts maintain that the company, which has an order book of Rs 84 crore, has set a target of Rs 20 EPS for FY05. The shares of the company are currently on open offer by IOC at Rs 33 per share. The stock ended the day at Rs 49.85, up 13.81 per cent, with around 21,500 shares traded on the BSE.
Deeptha Rajkumar
More Stories on : Stock Markets | Ear to the ground
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