The Hindu Business Line : Pantaloon strengthens on new biz plans

THE scrip of Pantaloon Retail has been buoyed by the news of the new businesses the company is looking at, particularly in the real estate sector. The company is setting up a separate business unit that will develop real estate for setting up malls across the country. Space in these malls is expected to be leased to large, high visibility retailers.

Shortfalls, if any, would be filled by Pantaloon's own stores, including Big Bazaar.

The buzz in the market is that the company is putting together a team of people to kick-start this project. Heads of businesses have been hired from across the retail, real estate and entertainment businesses.

The scrip closed for trade on Monday at Rs 915, up by Rs 8.35 from its previous close.

Cash in on low values

THE outlook for public sector banks is seen to continue to be weak. With selling pressure on most of the counters of PSU banks, dealers say that this sector is expected to be bearish for the next 6-8 months.

Technical analysts are also predicting continued suppression in the sector and are understood to be advising clients to use days of spike in prices as a buy opportunity.

State Bank of India lost close to 0.5 per cent on Monday, even though the BankeX ended in the green. Scrips of Punjab National Bank have shed over 12 per cent in the last month of trading. Similarly, Bank of Baroda and Bank of India have also eroded over 23 per cent and 21 per cent in the last month.

Brightens on buyback news

THE scrip of Berger Paints buzzed on the news of the 10 per cent buy back announced by the company on Monday. Dealers say that market expectations are that the company would announce a further 20 per cent buyback. The stock was one of the big buzzers of the day, primarily based on this added expectation.

The scrip closed trade on BSE at Rs 46.65, up by 3.55 per cent from its previous close. Volumes were also high on the scrip with BSE registering a total traded quantity of over 3 lakh shares. At NSE, the scrip touched an intra-day high of Rs 50 before closing at Rs 46.80. Over seven lakh shares worth over Rs 3.3 crore were traded on the exchange.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
JRG Securities opens new branch at Peroorkada

LIC MF plans P/E ratio-based fund

Tata Equity P/E Fund runs diversified portfolio

Bear run arrested

Glenmark Pharma: A healthy guidance

Pantaloon strengthens on new biz plans

Bharti Tele-ventures: Room for growth

Outlook positive for Century Textiles, negative for Cipla

Technology, oil majors score gains