Financial Daily from THE HINDU group of publications
Saturday, Apr 09, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 09, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Value buying seen at Unichem Lab
THE stock of Unichem Laboratories has been getting strong buying support on the basis of growth projections in analysts' reports. The company has recently announced its acquisition of API manufacturing facility of Biotech Synergy. The acquisition was from a consortium of financial institutions, including ICICI, IFCI and State Bank of India, for a consideration of Rs 15 crore. Unichem plans to upgrade this facility to adhere to US FDA standards; the outlay for this is expected to be Rs 20 crore and the entire fund requirements are being met by internal accruals. The stock closed up on Friday at Rs 196.05, significant since the market slid by over one per cent today. The stock appreciated by 7.5 per cent in the last month.
Now betting on TCS IN the IT space, dealers are expecting the stock of TCS to outshine Infosys post the announcement of results. Brokers feel that results of TCS would exceed expectation and expect interest in the stock to run up significantly. The stock had touched its 52-week high of Rs 1,475 on March 21. Profit booking has taken some value away from the scrip and it closed trade on Friday at Rs 1,395.05. Brokers feel that the stock has come back into an attractive range and pre-results interest could give it a lift.
PNB down on `sell' orders The stock of PNB, which has been on a slide for the last month, is expected to face further corrections. Speculation in the market is that a section of foreign institutional investors have placed "sell" orders on the stock. The share closed trade today after shaving off Rs 10 from its intra-day high, ending at Rs 381.50. PNB shares have lost over 25 per cent of their value in the last month of trade. It had opened trade on March 8 at Rs 512. The price loss on the stock has been on fluctuating volumes.
Veena Venugopal
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