Financial Daily from THE HINDU group of publications
Saturday, Feb 19, 2005
Financial Daily from THE HINDU group of publications Saturday, Feb 19, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground SWIL upbeat on takeover buzz Virendra Verma
COPPER company SWIL was locked in 20 per cent upper circuit on Friday. The stock closed at Rs 17.47 on the BSE with volume of 46.83 lakh shares. Dealers said the sudden interest in the stock came on market talk that a leading non-ferrous company would acquire the company. They said several metal companies in the past have also shown interest in buying the company. Currently, financial institutions run the company and in the past also they have tried to sell the company but nothing concrete has happened. However, dealers said, with the outlook for copper sector looking bright, the financial institutions might get a good price this time. Company officials were not available for comments.
Gains on `buy' report SHARES of Nobel Explochem, a specialty chemical and industrial explosive company, are on an upward move in the last few days. In fact, it has gained almost 45 per cent in the last one month. On Friday also the stock was locked in 10 per cent upper circuit and closed at Rs 46.05 on the BSE with volume of 9.57 lakh shares. Dealers said the rise in the stock price is after a domestic broking firm came out with a buy report on the stock. Talks are that the company's specialty chemicals and industrial oxygen business is doing well. Its industrial explosive business is likely to grow by more than 25 per cent in the next three years. Moreover, the demand for its specialty chemicals within the industrial segment is also expected to show steady growth. The company has also grown various cash crops around its 300 acres of factory land with investment of Rs 5 crore. The market talk is that the cash crops will also help the company improve the profit margins in the next couple of years. However, its contributions to the overall topline and bottomline will not be very large.
Spurred by cancer drug
THE stock of Zenotech Laboratories, formerly Sunline Technologies, have been locked in upper circuit in the last few trading sessions. Dealers said several market players have started showing interest in the stock. Interest in this stock has surfaced on indication that the company is developing a drug for treatment of cancer and the future for this drug is bright. Dealers said the company is likely to bring down the cost of this drug sharply in the next one year when it starts the commercial launch of it. Several market players have bought big stake in the company. On Friday, the stock of the company closed at Rs 140.15, up 5 per cent, with volume of 2.56 lakh shares.
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