Financial Daily from THE HINDU group of publications
Wednesday, Oct 27, 2004
Financial Daily from THE HINDU group of publications Wednesday, Oct 27, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Kojam Fininvest betting on bottles
THE Nicholas Piramal group company Kojam Fininvest has been on the rise at stock market. Dealers said several market players are accumulating the stock due to the good growth prospects of Gujarat Glass, in which Kojam has over 50 per cent stake. The talk is that several leading broking firms are advising their clients to buy Kojam Fininvest as the glass bottles, which Gujarat Glass makes, have niche market. Gujarat Glass makes bottles for pharmaceutical sector and perfumes. In addition, the rise in the glass bottles prices over the last few months is also beneficial to the company. On Tuesday, Kojam Fininvest gained 4.65 per cent at Rs 61.85 on the BSE with volumes of 9,506 shares; on the NSE, it closed at Rs 62.55, up 5.04 per cent, with volumes of 46,723 shares.
New foray adds shine to Mirza Tanners SHOE company Mirza Tanners gained sharply in Tuesday's trading. Stock price of the company gained 9.98 per cent at Rs 141.60 on the BSE with volumes of 4.64 lakh shares; on the NSE, it closed at Rs 141.85, up 9.96 per cent, with volumes of 6.92 lakh shares. Dealers said the interest in the counter is due to the company's plan to foray into men's apparels business. The talk is that with this new business, the company's growth would be much faster. Already, it has been showing steady growth from its shoe business - both from the domestic and export markets. The talk is that the company has good order position for shoes from the export market. In the domestic market also, its shoes under `Red Tape' brand have garnered good market share, dealers said.
Moser Baer down on FII offloading
THE stock of optical data storage company Moser Baer has been on the decline. Dealers said the fall in the stock price is due to several FIIs offloading their positions in the company. The unwinding of the holdings is due to the fall in international price of recordable CDs and DVDs. Company's majority of revenues come from export market. In the last few quarters, the company reported fall in net profits. The talk is that FIIs are not impressed with the future outlook of the company as both the profitability and margins are expected to slide further due to the drop in CDRs prices. On Tuesday, the stock declined 6.58 per cent at Rs 194.65 on the BSE with volumes of 1.14 lakh shares; on the NSE, it closed at Rs 194.80, down 6.97 per cent, with volumes of 3.91 lakh shares.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
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