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SOM Distilleries on Wednesday was high on bourses with volumes. The stock moved up five per cent to Rs 17.71 with a traded volume 1.06 lakh shares against the fortnightly average of just 25,171 shares.

According to market sources, the reason for sudden accumulation by a section of investors was an expectation of exports growth and restructuring of debt.

Mr J.K. Arora, CMD of the company, told Business Line that Som has tied up with an NRI-promoted company, which has businesses in the US and Argentina, for long-term exports of beer. This follows Som's recent registration with the appropriate US authority.

Mr Arora also confirmed that the company was in the process of finalising an FCCB issue worth Rs 50 crore to retire debt worth Rs 30 crore and embark on a capacity expansion plan worth Rs 20 crore. Capacity addition for 50,000 cases is being proposed shortly by the company, Mr Arora said.

Acquisition buzzes again

SOME investors seem to bet on the chances of ITC buying up Archies.

According to corporate sources, recently talk to this effect has been revived after it did not progress on an earlier occasion. The recent discussion, however, is also stuck on differences over the valuation of the company, sources indicate.

Archies held more or less firm at Rs 130.75 on the BSE in a weak market.

Strong demand pushes it up

GUJARAT Apollo Equipment, a road construction and maintenance machinery maker, is moving ahead on strong demand for its products, such as asphalt & wet mix plants, pave finisher, kerb paver and rollers, at home and abroad.

According to market sources, the progress in road and infrastructure projects is being reflected in the company's growth in sales and profits too.

The stock on Wednesday finished at Rs 135.65, up 2.53 per cent. It recorded a volume of 1.25 lakh shares on the BSE. In the last one month, the stock has moved up by 22 per cent on the exchange.

Jayanta Mallick

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