Financial Daily from THE HINDU group of publications
Friday, Sep 30, 2005
Financial Daily from THE HINDU group of publications Friday, Sep 30, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Sri Jayalakshmi Spinning hopes on forward integration
THERE is some renewed activity in Sri Jayalakshmi Spinning Mills on the expectation of the company is going in for forward integration in garmenting. Mr Pradeep Kher, Director of the company, confirmed to Business Line that the company is indeed planning to set up a manufacturing unit for knitted garments for women in and around Hyderabad. "The land has been identified. The project cost for the unit knitting, processing and garmenting facility has been estimated at around Rs 40 crore," he added. The new venture would primarily be to serve a Spanish company, which intends to buy around 60 lakh pieces per annum. The Spanish company may also participate in the equity of the company, the Director indicated. The stock on Thursday moved up 2.06 per cent to close at Rs 12.40 with a traded quantity of 90,845 shares on the BSE.
Aegis Logistics: Announcements fail to move AEGIS Logistics is likely to set up port logistics (terminal and storage) facilities for chemicals, petroleum products and gas at two to three new ports within a short while. Even though the company's Chairman, Mr K.M. Chandaria, at its AGM at Vapi, near Mumbai, struck an optimistic note on its rapid growth prospects, the stock finished at Rs 178.85, down 2.11 per cent, on the BSE after touching the day's high at Rs 185.80. The company, according to the chairman, would primarily utilise internal resources for its growth plans and there would not be any dilution of equity. According to market sources, these announcements made at the AGM would trickle down to the Street from Friday.
Turns cautious on them Hospital stocks finished in the red even though the valuation for acquiring Escorts Heart Hospital by Fortis was significant in terms of setting a benchmark for the sector. Apollo Hospitals finished 2.21 per cent down at Rs 444.95, while the Indraprastha finished lower by 3.56 per cent at Rs 47.45. Kovai Medical lost 2.88 per cent at Rs 60.70. In terms of traded volumes, Indraprastha was very active as 5.79 lakh shares changed hands on BSE. The flow of medical tourists in the coming quarters would be key to the premiums on the hospital stock prices, market sources seem to indicate.
Jayanta Mallick
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