The Hindu Business Line : Real estate value weaves around

Dealers said the interest in the stock is due to two factors - good business prospects of the company for its fabrication business and assets in terms of real estate across the country including in metro cities of Mumbai and Delhi.

Though the exact value of the real estate is not known, market players peg it in the range of Rs 600-1000 crore. A conservative estimate is likely to give big push to the valuation of the company, feel dealers.

Based on this, select market players have started buying the shares of the company.

On Friday, the stock gained 2.08 per cent at Rs 318.75 on the BSE with volumes of 22,715 shares; on the NSE, it closed at Rs 318, up 2.37 per cent, with volumes of 53,787 shares.

Surges on FII buy

MOUNT Everest Mineral Water, a low-profile company engaged in the business of selling bottled water, has been attracting a lot of FII investments.

FII holding in the company has already crossed more than 10 per cent by the end of December quarter. Dealers said the interest in the stock is on expectation of huge growth potential for the company's bottled water business.

The talk is that selling water is a very profitable business and FIIs who have seen this business in West are bullish on the stock and are accumulating the stock.

Another factor for the up trend in the stock is that several multinational companies are looking at this company for long in order to acquire it.

On Friday, the stock gained 12.83 per cent at Rs 28.15 on the BSE with volumes of 16.82 lakh shares.

Posco sets the tone

THE hike in the steel price by leading South Korean steel major Posco set the tone for movement of Indian steel companies shares on Friday.

Dealers said there was across-the-board price rise in steel stocks. The talk is that with Posco hiking the steel price, several Indian steel companies would also hike the price.

Posco would increase the price between 6 and 10 per cent.

Stocks that attracted active buying included Tata Steel (up 2.17 per cent at Rs 440.50 on BSE), SAIL (up 2.09 per cent at Rs 65.85), Essar Steel (up 7.56 per cent at Rs 54.80), Uttam Galva Steel (up 20 per cent at Rs 63.15), Bhushan Steel (up 9.26 per cent at Rs 191.70) and Kalyani Steel (up 3 per cent at Rs 171.80).

There stock prices of several smaller companies were also up.

Virendra Verma

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