Financial Daily from THE HINDU group of publications
Wednesday, Feb 01, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 01, 2006 |
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Markets
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Stock Markets Columns - Ear to the ground Stake sale talk
THE market buzz about LKP Merchant Finance is that a Singapore broking firm is seeking to take a stake in the company. Grapevine also has it that the company's wholly owned foreign exchange dealing subsidiary may also witness outside investments. Though official confirmation was not available, sources involved in the unfolding development said that LKP negotiations were on with Citi Group outfit, Travellex for an undisclosed minority holding. The sources suggested that the price negotiations for the stake understood to be currently oscillation between $50 million and $70 million. The present movement in the stock price, however, does not reflect a relation with unconfirmed development. Though the counter witnessed slightly greater traded volumes on the BSE compared to the fortnightly average, the closing price recorded a loss of around 5 per cent at Rs 85.55. The stock saw a day's high at Rs 91.10 during the session, but climbed down of profit booking. The dealers said the counter is of late indicating quiet accumulation at lower levels. Incidentally, the stock's 52-week high is Rs 103.
Awaits acquisition news Rain Commodities moved up on Tuesday albeit lazily as punters awaited the expected official announcement on its overseas acquisition. The stock moved up by one per cent on Tuesday to finish at Rs 57.50 after moving up to Rs 59.70. The market sources said its acquisition attempts were slowed down by some regulatory hurdles, which are in the process of being sorted out.
On bonus hopes SOME operators are understood to be punting on the possibility of Solvay Pharma going in for a 1:1 bonus issue and a stock split (from Rs 10 each to Re 1 each). However, no official word was available on the market speculation so far. The stock fluctuated between Rs 567 and Rs 535 to close at Rs 545.85 on the BSE.
Jayanta Mallick
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