Financial Daily from THE HINDU group of publications
Wednesday, Sep 28, 2005
Financial Daily from THE HINDU group of publications Wednesday, Sep 28, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Polaris Soft: Citi Bank exiting from it?
RUMOUR does not seem to die on the Street that Citi Bank NA, majority stakeholder in Polaris Software Lab, is planning an exit from the company. When contacted recently by Business Line, Mr Arun Jain, CMD of Polaris, declined to comment on such speculation. The market circles, however, talked about a couple of global IT majors as prospective buyers of the Citi Bank NA stake of nearly 44 per cent in the company. Indian promoters Polaris Holding and Mr Arun Jain hold 18.93 per cent and 3.12 per cent respectively. Citi Bank NA in its name holds 23.03 per cent, while as a trustee of OrbiTech Ltd, an already merged entity with Polaris, holds another 20.59 per cent. The Polaris stock on Tuesday closed almost flat at Rs 138 with a traded quantity of 3.04 lakh on the BSE.
Realty adds valuation to Indokem Indokem Ltd is drawing attention of the market following its recent completion of interest rate renegotiation. According to market sources, the company is likely to save around 7 percentage points through the exercise. Moreover, riding the buoyancy in textiles industry for dyes and pigments, Indokem's products have also been doing well of late. Some seem to think that the company's property on the outskirt of Mumbai (it has property in Surat) is adding to its valuation. The stock on Tuesday closed 4.97 per cent up at Rs 17.95 with a traded volume of 1.67 lakh shares.
Balasore Alloys on recovery path BALASORE Alloys is witnessing activity as the company is on its way to recovery. Company's 30,000 tpa ferrochrome plant has been operationalised on September 26. The stock on Tuesday closed at Rs 18.05, after touching a high of Rs 19.50, against the previous closing of Rs 19.95. It attracted a traded quantity of 3.17 lakh shares. The company has carried out a CDR and is in the process of reducing its capital also.
Jayanta Mallick
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