Financial Daily from THE HINDU group of publications
Tuesday, Jan 10, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 10, 2006 |
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Markets
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Stock Markets Columns - Ear to the ground SPIC active on hive-off hopes
SOUTHERN Petrochemical Industrial Corporation (SPIC) is witnessing increased activity on the market talk that the company has made some headway in disposing off a part of its businesses. On the NSE, its volume was around 6.16 lakh shares. In fact, since beginning of the New Year, the daily volume in the counter is ruling substantially over a lakh shares compared to below one lakh shares a day in the week before. Trading in the ailing company's stock on the BSE, however, remains suspended. According to market grapevine, one of its two pharmaceutical units could be hived off into a joint venture with a strategic partner. ONGC, which had undertaken a due diligence study for SPIC's petrochemicals business, is also rumoured to have completed the exercise. Though it is not clear whether ONGC has obtained any response from the Government regarding its acquisition proposal, market seems to speculate that such a development may occur in the near future. There was no official word from SPIC either on the stalled corporate debt restructuring plan, which appears to hinge on such developments. The group's petrochemicals business comprising Manali Petrochem and Tamil Nadu Petrochem and the fertiliser business is understood to be operating well.
Haldyn Glass Gujarat strong on order talk Haldyn Glass Gujarat is speculated to have bagged its first order for bottles from Coco-Cola worth around Rs 10 crore. Though no definite numbers were available, sources close to the company management said the company indeed got such an order and were hopeful of repetition of such orders in the future. The stock finished at Rs 61.05, after touching the day's high at Rs 63 on the BSE with a gain of 3.13 per cent. In the absence of any official announcement regarding the fresh order, the traded quantity in the counter, however, did not pick up.
Jayanta Mallick
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