Financial Daily from THE HINDU group of publications
Thursday, Feb 24, 2005
Financial Daily from THE HINDU group of publications Thursday, Feb 24, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Growth hopes drive it up
THE counter of auto-ancillary company Amtek Auto was on the buy list of various investors on Wednesday. Dealers said the buying interest in the counter was due to a `buy' recommendation by a leading domestic broking firm. Dealers said the company has been doing very well in the wake of large export orders. In addition, the various acquisitions undertaken by the company in Europe are also adding to the business of the company. Several institutional investors have also taken stake in the company. On Wednesday, the stock price of the company gained 2.94 per cent at Rs 180.70 on the BSE with volumes of 3.59 lakh shares; on the NSE, it closed at Rs 180.50, up 3.11 per cent with volumes of 6.52 lakh shares.
Gains on performance hopes THE stock of power generation and distribution company CESC has been on an upward move. On Wednesday, the stock price of the company was up 4.03 per cent at Rs 180.75 on the BSE with volumes of 3.34 lakh shares; on the NSE, it closed at Rs 181.25, up 4.35 per cent with volumes of 10.87 lakh shares. Dealers said there has been a revived interest in the stock. In fact, a leading domestic broking firm has recently come out with a `buy' report on the stock. Dealers said the operating performance of the company has improved drastically in the current fiscal. It has improved its plant load factor to more than 80 per cent in the current fiscal from around 60 per cent in 2000. The talk is that this efficiency is likely to further improve. Moreover, the deregulation of the power sector is also likely to improve cash generation from the business, which is also considered positive for the stock.
Open offer trigger AFTER remaining lacklustre for the past few trading sessions, the stock price of SKF India jumped with increase in trading volumes. Dealers said the buying interest in the counter came on talk of an open offer price of Rs 230 a share by the parent of the company. The multinational SKG group has already announced its intention to make an open offer to the shareholders of SKF India. However, the official announcement of the price is yet to be made. The talk is that last week, the board of SKF India discussed the issue and the official announcement of the offer price would be made soon. On Wednesday, the stock gained 5.09 per cent at Rs 195.15 on the BSE with volumes of 2.24 lakh shares; on the NSE, it closed at Rs 195.35, up 5.14 per cent, with volumes of 6.25 lakh shares.
Virendra Verma
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