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Jayanta Mallick

THE rumours that the promoters of Riddhi Siddhi Gluco Biol are pumping in a substantial amount of money to fund its major capacity expansion plans, value-addition and new products were doing the rounds on the Dalal Street.

The stock has moved up by 6 per cent in the last one week. Mr Ganpatraj L. Chowdhary, prime promoter and also Managing Director, told Business Line that promoters have indeed bought some 10 lakh shares of the company recently at Rs 115 per share through preferential allotment route. "This means a fresh investment of Rs 11.5 crore to part-finance the company's growth plans," he confirmed.

The company is raising its corn milling capacity to 750 tonnes per day (tpd) from 450 tpd. In terms of value added products, the company is in the process of increasing the capacity of items, such as sweeteners, paper grade and textiles grade starch. According to industry sources, profitability would substantially jump after implementation of the plans by next fiscal.

Liquidity unplugged

SUDARSHAN Chemicals has initiated the process of dematerialsation of its stock. So far, the stock was available in the physical form and blocked liquidity in the secondary market. According to market sources, activity in the counter would increase manifold as the electronic format would provide smooth exit-entry opportunities. The stock price at close was at 230 on the BSE on Thursday, up 2.27 per cent. But volume was abysmally low at 50 shares on the exchange.

Sailing on private capital flows?

ADVANI Hotels' high-seas casino business, aboard luxury ship off Goa, is attracting attention of private capital, if one has to believe market talk. The company's casino business, the only one among the country's hotel industry, is run under a subsidiary of Advani Hotels. According to market sources, in line with strong growth in flow of foreign tourists into the country this fiscal, Advani's Goa resort is showing substantially higher occupancy on higher tariffs. The stock has gained around 9 per cent in the last one week.

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