The Hindu Business Line : Bharat Gears rises on attractive rights offer

BHARAT Gears Ltd rose on Wednesday after the company filed its rights issue offer document with SEBI. The rights issue is priced very attractively, dealers said.

The stock rose 6.28 per cent on BSE to close at Rs 100.65, compared to Tuesday's price of Rs 94.50.

Dealers said the rights issue, which is on the proportion of three equity shares for every 10 equity shares held, is priced attractively at Rs 40 per share. On the NSE, the stock closed at Rs 100.50 on Wednesday, an increase of 6.41 per cent from the previous close of Rs 94.45. Over 2.74 lakh shares changed hands on the exchange.

The company's third quarter result was also promising after its net sales rose by 16.71 per cent to Rs 41.82 crore. However, the net profit for the period was lower at Rs 1.05 crore, as compared to Rs 1.17 crore in the same period last year.

United Phosphorus up on bonus buzz

UNITED Phosphorus attracted strong buying interest after market buzz on a prospective bonus issue and better-than-expected third quarter results, to be announced next week. The share price closed at Rs 290.6 on the BSE, up by 10.62 per cent, compared to Tuesday's close of Rs 262.70. The prices touched the upper ceiling of Rs 315.2 during the session.

Dealers said the company's third quarter numbers are also expected to give some positive surprises. On the NSE, the stock closed at Rs 288.10, up 9.32 per cent from Tuesday's close of Rs 263.55. The price touched an intra-day high of Rs 316.30. Over 9.79 lakh shares were traded on NSE. The share price has jumped by about 20 per cent over the last one month.

Best & Cromption betting on numbers

BEST & CROMPTON Ltd touched the upper circuit on the BSE at Rs 28.39, after dealers felt that the company would do well in the coming quarter. The fact that the leaders in the electrical equipment, switchgear and related sectors such as Siemens and ABB and upcoming player Jyothi Structures Ltd have done well in the last quarter also boosted investor interest in Best & Crompton counter, they said. The share price climbed by 27.48 per cent in the last one-week period. The total trades in the counter, however, stood at a modest 31,480 shares on BSE.

Rajesh Abraham

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