The Hindu Business Line : Pushed up by rising prices

KANORIA Chemicals and Titanor Components are receiving increased attention of the market players as caustic soda and pure chlor-alkali prices are at premiums. Kanoria Chemicals, which has both the products in its manufacturing basket, on Monday hit the 20-per cent upper circuit limit.

Titanor Components, which manufactures electrodes, used by the chlor-alkali and caustic soda manufacturers - finished with a gain of 10 per cent. According to industry sources, prices of chlor-alkali and caustic soda has seen a sudden jump in the last three weeks raising hopes of better margins this quarter.

Essar Shipping weakens on fleet sale plan

ESSAR Shipping, which has third largest fleet of crude carriers in terms of tonnage among the domestic players, and has assets, including the country's largest double hull VLCC, saw selling over the apprehension that the proposed sale of some of the company's vessels at $258 million (due for delivery in April 2005) would be used for partly repaying its secured creditors and to part finance the Vadinar oil terminal project.

According to dealers, though completion of the project would, in the long run, unlock a significant part of investment already made by the company, in the short-term this may prove to be negative for the stock. The sale of ships, it is assumed, will significantly impact the operational earnings in FY06. In the current scenario, with firm ship prices it will be difficult for the company to replace the same tonnage with similar age profile, brokers added. The stock finished at Rs 39.75 with loss of around 1 per cent.

Kalpataru Power slips on new venture concern

KALPATARU Power Transmission is foraying into business of civil constructions & turnkey projects, and construction of oil & gas cross-country pipeline infrastructure. The new business initiatives are being taken through organic and inorganic steps. According to dealers, the market players seem unsure about prospects of some the new business initiatives, while they suck in investments. The stock today declined marginally by 0.17 per cent at Rs 268.65.

Jayanta Mallick

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