The Hindu Business Line : Order talk drives Leyland up

Many in the market are boarding Ashok Leyland on Street talk that the company is poised to get significant number of orders from some African countries.

The Re 1-face-valued stock on Monday closed at Rs 30.80, up 4.94 per cent, on the BSE, after creating a 52-week high at Rs 31.05, with a traded quantity of 61.99 lakh shares. The stock's two-week daily average volume is of 37.36 lakh shares.

According to analysts sharp improvement in profitability and turnover has also been driving the counter. The company last month had, in fact, indicated fresh business from Sudan.

Nelco betting on synergies

Is Nelco, a Tata Group company, pondering over leveraging a synergy between its strategic instruments business and Tata Power's strategic electronics division? Going by Dalal Street expectations, there may be some operational convergence between the two in the foreseeable future.

Tata Power's strategic electronics division manufactures rugged portable and fire control computers and is also into electronic warfare control systems and combat systems for the Navy. Nelco, according to market sources, is considering such a closer cooperation with Tata Power in view of an order it has obtained from an overseas strategic organisation.

The stock finished marginally lower at Rs 51.50, after recording early gains.

KG Denim: Buying seen on profit hopes

Some market players seem to be taking a trading call on KG Denim on expectation of a better profitability on lower input cost this fiscal.

According to dealers, the company may benefit from lower cotton purchase deals. The company is understood to have built up a comfortable inventory through local purchases for 6 to 9 months of its requirement for the current fiscal at a lower price than that in the last fiscal.

The stock ruled better in the opening session, but finished flat at Rs 49.45.

Jayanta Mallick

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