The Hindu Business Line : Ruchi jumps on acquisition talk

SHARES of Ruchi Soya touched its 52-week high of Rs 152.50 on the BSE on Monday. The stock has been on an upswing for the last several weeks. Volumes were also very high on the BSE with the stock registering a net turnover of Rs 3.25 crore.

The rumour in the market is that the company is being acquired by Bunge Ltd. When contacted, company officials declined to comment on market speculation.

Bunge Ltd is an integrated, global agribusiness and food company. The company had reported net income for the third quarter of 2004 at $182 million, 104 per cent increase over the same period last year, and its earnings per share were $1.53, a jump of 74 per cent over the same period last year.

Ruchi Soya is already a supplier of crude edible oil to Bunge.

Ambika Cotton gains on expansion plans

THE stock of Ambika Cotton Mills has been on the rise steadily. It closed on Monday at Rs 154.95, a gain of 2.89 per cent. The compact yarn manufacturer is understood to have signed a deal with an Italian buyer. The mill is also set to start its third phase of expansions.

As part of its phase-2 expansion, the company had drawn up plans to expand its productive capacity from current 42,000 spindles.

The stock had touched its 52-week high of Rs 182.85 on December 28, but had slipped subsequently. The stock has been clawing back in the last several trading sessions.

Hop(p)ing on merger

TRANSMATIC Systems, to be renamed Accel Transmatic, has got its approval from the Kerala High court for its proposed amalgamations. The company is being merged with Accel Software and Technology Ltd and Ushus Technologies.

The Chennai-based Accel Ltd is the holding company of the newly formed Accel Transmatic and its more famous cousin Accel ICIM Ltd.

Accel ICIM is not listed on the bourses.

The company was awaiting clearance form both Kerala and Tamil Nadu high courts. While the clearance form the Tamil Nadu High Court came last month, the Kerala High Court cleared it late last week, said company officials.

Markets expect heightened activity post-amalgamation. The share touched a high of Rs 16 on Monday.

Veena Venugopal

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