Financial Daily from THE HINDU group of publications
Thursday, Sep 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 01, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Bharat Forge rises on takeover buzz
BHARAT Forge has been accumulated by a section of market players. The accumulation is seen from the rise in the trading volumes, which have more than doubled from the average of last two weeks. Stock price has also increased by more than 10 per cent in the last one week. On Wednesday, the stock rose 1.94 per cent at Rs 325.50 on the BSE with volumes of 3.77 lakh shares; on the NSE, it closed at Rs 325.40, up 2.29 per cent, with volumes of 17.67 lakh shares. The talk is that Bharat Forge is likely to acquire a company in Europe valued at around 47 million euros. This announcement is likely in September. Company officials were not available for comments.
Filmcity Media gains on acquisition talk ANOTHER stock that is buzzing in the market on takeover talk is Filmcity Media. The talk is that a leading investor, who is very active in the market by taking big stakes in companies including media, is accumulating the stock. This is being done to acquire this company at a later stage. Active interest in the stock is seen from the sharp rise in its price. The Re 1-face value share has risen from Rs 1.60 to Wednesday's closing price of Rs 3.77, a gain of 135 per cent on the BSE, in the last 10 trading sessions. Since then, the stock is locked in upper circuit only. Huge trading volumes are also seen in the stock. On Wednesday, the stock clocked volumes of 12.40 lakh shares.
Spicejet: Expansion plans keep it high SPICEJET, a low cost air-carrier, rose sharply on Wednesday. The stock closed at Rs 101.70, up 18.95 per cent, with volumes of 65.19 lakh shares. Dealers said the rise in the stock price was due to the closure of the company's $90-million foreign currency convertible bonds. The talk is that the company will be able to receive the desired funds for its expansion plans. These funds would be used in acquiring aircraft. The response to the airlines has been good and its occupancy rate is more than 90 per cent. Reponse to its night flight operations is also good, which will help the company in reducing its overhead costs.
Virendra Verma
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