The Hindu Business Line : Spanco Tele gains on acquisition talk

Speculations of a possible acquisition of a part of its business by a large bank-backed business process outsourcing house are buoying the stock, according to dealers. The company has also recently approved the issue of 22 lakh warrants at a rate of Rs 90 each.

The stock touched its 52-week high of Rs 258.60 on Thursday before closing at Rs 229.30. Volumes were also high with the BSE reporting a total turnover of over 24 lakh shares.

The stock has appreciated over 185 per cent in the last month. It started trading on August 1 at Rs 80.05 and has now galloped to Rs 229.30.

Earlier, the company also had bagged an order from Air India for its domestic call centre business. The speculated acquisition is expected to help the company move out of low-value business, dealers say.

Eastern Silk: Funds buying props it up

ONE of the big buzzers in the bourses on Thursday was Eastern Silk Industries. The stock has been garnering investor interest and moving up steadily. It touched its 52-week high of Rs 244.85 on Thursday. Subsequently, prices dropped on profit-taking to Rs 227.10, down from Wednesday's close by Rs 5.70.

Dealers say mutual funds are big buyers in this counter. Operators had earlier been accumulating the stock, but with fund houses showing interest in the counter, volumes have been high this week. Over three lakh shares changed hands on the BSE on Thursday.

Amtek India up on merger talk

AMTEK India has been climbing the charts; the stock touched its 52-week high of Rs 502 on Wednesday.

Dealers say that market expectation is that the company could get merged with Amtek Auto.

The Amtek India stock closed on Thursday at Rs 495.65 while Amtek Auto closed at Rs 235.75. Currently, close to 34 per cent of Amtek Auto is held by foreign institutional investors. Also, HDFC Mutual Fund, through its various schemes, holds 6.74 per cent in the company.

A merger of Amtek India with Amtek Auto is expected to enhance the value of the share, say dealers.

Veena Venugopal

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