Financial Daily from THE HINDU group of publications
Saturday, Mar 19, 2005
Financial Daily from THE HINDU group of publications Saturday, Mar 19, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Spirited gains
THE stock of McDowell, which has been on an upswing with the news of its subsidiary Phipson Distilleries acquiring 49 per cent stake in Herbertsons, continues to gain ground. Analysts say that this acquisition lends faith to the theory that UB is seeking to consolidate its spirits business into a single entity with three branches. If this happens, McDowell shareholders will be big beneficiaries. The stock has been trading on high volumes over the last three sessions and on Friday touched its 52-week high price. The stock closed at Rs 239.65, though earlier in the day it touched Rs 246.80. The scrip has appreciated by close to 50 per cent in the last 10 days.
Stealing the show MID-CAP steel stocks are becoming the bourses' favourites, with steel prices being hiked and a further rise seen. Brokers say that investors are looking at more exposures in mid-cap steel companies as ideal value picks in this surging sector. Mukand Industries and Aditya Ispat have especially benefited. While Mukand touched its 52-week high of Rs 99.55 two days back, Aditya Ispat touched its year's highest of Rs 14.40 on Friday. Aditya Ispat closed at Rs 13.35, up by close to 10 per cent from Thursday's closing. The Hyderabad-based company's stock has also been posting growing volumes all week.
Up on FDI hopes
WITH foreign direct investment (FDI) allowed in the construction sector, the stock of Phoenix Mills has been on the radar. The open offer for the stock by promoters was first announced at Rs 4,300 and later revised to Rs 4,465. The offer is on till March 28. Brokers say that the stock is on the upsurge as there are indications of announcements of FDI deals by the company. Some of the buying in the stock is also by promoters as the current levels of trade in the stock are much higher than the offer price and so investors are not keen on taking up the offer. The stock touched its 52-week high of Rs 5,575 on Friday. It subsequently lost ground and ended trade at Rs 5,410, a net of Rs 945 higher than the open offer rate.
Veena Venugopal
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