Financial Daily from THE HINDU group of publications
Thursday, Sep 16, 2004
Financial Daily from THE HINDU group of publications Thursday, Sep 16, 2004 |
||
|
|
||
|
Markets
-
Stock Markets Columns - Ear to the ground Rama Newsprint gains on revamp plan talk
THE Rama Newsprint & Papers stock is witnessing increased trading volumes and rise in the stock price. Dealers said there is active buying from various market players on expectation of turnaround by company in the current fiscal. Turnaround is expected due to better focus from the new management of West Coast Papers, which had acquired the company. There is increased capacity utilisation and rise in international newsprint price would enable the company to report net profit in the current fiscal. The talk is also there that corporate debt restructuring forum (CDR) proposal, to reduce Rama Newsprint's debt and interest burden is likely to be approved soon. Following this, debt swap is expected to reduce coupons by around 2.5 percentage points. On these developments, market players have taken large positions in the stock. On Wednesday, the stock price of the company gained 7.94 per cent at Rs 12.65 on the BSE with volumes of 40.84 lakh shares and on the NSE, it closed at Rs 12.55, up 7.26 per cent, with volume of 49.15 lakh shares.
Essar Oil driven by stake sale buzz ANOTHER low priced stock attracting market interest is Essar Oil. The stock of the company is witnessing huge volumes over the last few days. The talk is that a Syrian company is likely to pick stake in the company. Another rumour floating in the market is that the company is tying up with ONGC for oil exploration. Both these factors are leading to buying interest in the stock. On Wednesday, the stock price of the company gained 1.83 per cent at Rs 19.50 on the BSE with volume of 18.36 lakh shares and on the NSE it closed at Rs 19.35, up 1.57 per cent, with volume of 51.78 lakh shares.
Aztec up on institutional buying MID-SIZE IT company Aztec Software is attracting institutional interest in the last few days. Dealers said select mutual funds are buying the shares of the company. The buying is mainly on expectation of good September quarter results. The company had reported improved financial performance in the June quarter. The talk is that the growth in the current quarter is likely to be maintained. On Wednesday, the stock price of the company gained 1.69 per cent at Rs 45 with volume of 87,672 shares on the BSE and on the NSE, it closed at Rs 45.10, up 1.12 per cent with volume of 1.23 lakh shares.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|