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THE Great Eastern Shipping stock on Friday moved ahead in a choppy market. The reason for the buoyancy in the counter was the results expectation for the full year and final dividend.

The results, which came after trading hours, did not fail the investors, who had taken a last minute call. The stock moved up 2.11 per cent with a total traded quantity of 12.23 lakh shares on the NSE. The final dividend of 30 per cent, making the total payout for the last fiscal at 90 per cent, was slightly above expectation.

Profits were, however, on the expected lines, according to dealers. The sale of a VLCC this quarter and a continuing firm trend in the freight rates were also additional impetus for this port of call for a section of market players.

Usha Martin down despite talk of expansion plans

Though the Usha Martin stock declined on Friday by 4.44 per cent on the BSE with a little less than two week's average volume of 53,914 shares on the bourse, Street talk around the counter that the company was planning to set up a sponge iron plant in Jharkhand did not die down.

According to sources in the State Government, the company has sought permission from the Centre for such an investment after getting an in-principle green signal from the State Government for necessary ore mining rights.

Sources maintain that after obtaining coal-mining rights in September 2004 from the State Government, the steel wire rod making company had also obtained mining rights for feldspar and quartz in the West Singbhum district of the State. In the last quarter, it acquired JCT Ltd's steel division, located in Hoshiarpur in Punjab, for Rs 21 crore. These, according to a section of market players, are clear indications of the company's unfolding expansion plan.

Jayanta Mallick

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