Financial Daily from THE HINDU group of publications
Tuesday, Jul 19, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jul 19, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Torrent Pharma gains on new molecule talk
DALAL Street is abuzz with talk that Torrent Pharma has made a new molecule discovery under its contract research programme. According to market sources, the discovery may be worth several million dollars. Though immediate response from the company was not available, the industry sources confirmed that the company with 500-person strong team of scientists was in advanced stage of a breakthrough in a number of molecules. The stock moved up by over 7 per cent to close at Rs 530, the day's high. The total traded quantity in the stock also improved. On the BSE, the stock clocked a volume 12,388 shares against the daily average of 3,059 shares in the last two week.
Riddhi Siddhi up on acquisition hope RIDDHI Siddhi Gluco Biols Ltd is said to be moving up on unconfirmed market talk that the company was in the process of acquiring HLL's starch business. Though comments from the respective companies were not available, business circles said HLL's starch plant was rumoured to be on the block, as it did not fit into HLL's new business strategy. The Ahmedabad-based Riddhi Siddhi is known to be looking for such acquisitions to grow inorganically. The country's largest starch manufacturer had earlier acquired the GlaxoSmithKilne's unit in Karnataka. The stock on Monday gained 1.39 per cent to close at Rs 78 after touching the day's high at Rs 80.90.
Proctor & Gamble: Expectation of dividend/bonus Is Proctor & Gamble Hygiene planning a reward for the shareholders owing to the cash bulge in the balance-sheet? Going by current market expectations, the company may announce a special dividend this fiscal to distribute part of the Rs 500 crore cash or may issue bonus shares. The stock on Monday moved up to finish at Rs 711, up 3.56 per cent, with a three-fold increase in traded quantity on the BSE at 14,727 shares against the two-week average of 5,969 shares. The session's high of Rs 718 was the also the 52-week peak for the counter.
Jayanta Mallick
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