The Hindu Business Line : Aegis firm on expansion moves

AEGIS Logistics is moving up on hopes of expansion of its port-based logistic business to new locations. The stock on Friday closed 5 per cent up at Rs 178.80 on the BSE with a traded quantity of 81,852 shares.

According to market sources, the company is looking at ports other than JNPT and Mazagon in Mumbai, where it is already present, for possible business opportunities.

Mr S.R. Iyer, Company Secretary of Aegis, confirmed to Business Line that Aegis was looking for suitable opportunities in managing liquid (chemicals and petroleum) products and gas terminals and storage facilities at different ports.

A high level source at Visakhapatnam Port Trust said that the company was scouting for such business possibility. However, a company source said that bureaucratic delays were coming in the way of a fast growth in its auto LPG marketing business.

The company has a marketing and distribution licence for Maharashtra and it has one retail outlet in Kolhapur.

Hikal Ltd: Pref issue at high premium?

The rumour doing the rounds these days on Dalal Street is that Hikal Ltd may come up with a preferential issue of equity with a substantially high premium. Mr T.V. Karmakar, Head of Finance, told Business Line that he did not have any information on such a proposal.

The board has obtained broad approval from shareholders recently to raise fresh funds for Rs 100 crore in the country or abroad. The stock finished at Rs 653, up 3.35 per cent, on the BSE with increase in traded volumes. It is significant considering its gain in the last one week has been 3.09 per cent. On August 17, it had created its 52-week peak at Rs 700.

VBC Ind up on value buying

VBC Industries on Friday moved by 8.73 per cent to finish at Rs 19.30 with a traded quantity of 2.41 lakhs shares on the BSE.

According to dealers, the stock is among the new investing ideas on the Street. The company, which is in the power generation business, is expected to complete its on-going projects in Andhra Pradesh and Orissa by March 2006.

It currently produces 18 MW, but after completion of the projects, the generation would go up to 98 MW.

"Considering its small equity of Rs 17.73 crore and market capitalisation of around Rs 35 crore, it appears cheap compared to other power players in the market," a fund manager said.

Jayanta Mallick

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