Financial Daily from THE HINDU group of publications
Friday, Sep 17, 2004
Financial Daily from THE HINDU group of publications Friday, Sep 17, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Sustained buying support seen in Voltas counter
THE stock of Voltas Ltd witnessed sustained buying support on the bourses today. Dealers attribute the rally as a reaction to selling by a mutual fund in the stock, having come to a halt. On the other hand, market talk has it that a large FII has been continuously mopping up shares at this counter. On their part analysts maintain that the positive sentiment is on account of the fact that the company has received some very big export orders, which will boost its margins. The stock ended the day at Rs 147.70, up 3.79 per cent with around 1.13 lakh shares traded on the BSE. On the NSE, the stock closed at Rs 147.35, up 3.51 per cent, with around 2.13 lakh shares traded.
Binani gains on arm's strength THE counter of Binani Industries has been gaining ground on the bourses in the recent past. Brokers maintain that the interest in this counter is on account of its subsidiary Binani Cement, an unlisted company. Binani Industries holds around 96 per cent stake in Binani Cement, which made a profit of Rs 12 crore last year. Binani Cement, has a two-million-tonne capacity and is located at Satna, Rajasthan, and caters primarily to the northern market where prices are ruling firm. Analysts maintain that it is operating at 105 per cent utilisation currently. There is a perception that Binani Cement is likely to register a profit of Rs 60 crore in FY05. This is expected to impact the holding company positively. The stock of Binani Industries, which hit the circuit today, closed at Rs 27.05 up, 19.96 per cent, with around 3.2 lakh shares traded on the BSE. It is not listed on the NSE.
Acquisition buzz props up RPG Life Sciences
RUMOURS that a leading (unlisted) stem cell research company, owned by one of India's largest corporate houses, is looking to acquire RPG Life Sciences have been driving interest in the stock. Dealers maintain that a hedge fund has also been supporting the counter in the recent past. Commenting on the probability of such a move, analysts said that it is possible that the company may be looking at this acquisition as a means to enter the pharma industry. The RPG Life Sciences stock ended the day at Rs 70.95, up 10 per cent, with around 2.81 lakh shares traded on the BSE. On the NSE, the stock closed at Rs 71.10, up 6.52 per cent, with around 6.10 lakh shares traded.
Deeptha Rajkumar
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