Financial Daily from THE HINDU group of publications
Wednesday, Nov 30, 2005
Financial Daily from THE HINDU group of publications Wednesday, Nov 30, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Acquisition plan firms up Sundram Fasteners
Sundram Fasteners Ltd moved up by around 5 per cent on both the NSE and the BSE on expectation that its proposed acquisition of a German company may come through soon. The stock logged a traded quantity of 1.48 lakh shares on the NSE and 88,988 shares on the BSE, much above the normal average volume. The company has planned to acquire Peiner Umformtechnik GmbH, a producer of fasteners. According to a company official, Sundram Fasteners has already made an application with the German Government authorities under German Cartel Regulations. Peiner manufactures a wide range of fasteners products for the automobile, industrial and construction industries. Once cleared by the appropriate authorities, Sundram Fasteners can formalise the acquisition with an agreement with Peiner's parent company Textron Deutschland Beteilingungs GmbH. The source, however, could not specify any timeframe for wrapping up the deal at this stage.
Tinplate company gains on performance TINPLATE Company, a Tata Group outfit, attracted added attention on the bourse over gradual improvement in its performance. According to market sources, the increased domestic demand and possibility of exports have raised hopes for the company. The company's accumulated loss of Rs 18.98 crore as on March 31, 2005, has been fully wiped out during the half year ended September 30, 2005. The company's accumulated loss of Rs 18.98 crore as on March 31, 2005, has been fully wiped out during the half year ended September 30, 2005. The stock recorded a traded volume of around 2.84 lakh shares on the BSE against the fortnightly average of 1.82 lakh shares.
Jayanta Mallick
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