Financial Daily from THE HINDU group of publications
Saturday, Feb 04, 2006
Financial Daily from THE HINDU group of publications Saturday, Feb 04, 2006 |
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Markets
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Stock Markets Columns - Ear to the ground RPG Life Science up on favourable negotiations
RPG Life Science is understood to have completed its negotiations with Hindustan Antibiotics in its favour. The company has been negotiating with the PSU to find a solution to the problem of losses of around Rs 5 crore annually on the lease arrangement for the already closed down manufacturing facility. According to market sources, under the lease terms, the annual losses for RPG Life Science would have continued till 2015. The negotiations would prove to be beneficial for the company's future bottomline growth, sources close to the management told Business Line. The stock on Friday reacted positively on this unannounced development. Against the Thursday's closing price of Rs 160, it rose to Rs 163.50. But on emergence of profit booking, it closed at Rs 156 on the BSE. Raghav Industries: High on accumulation QUIET accumulation in the BSE-listed Raghav Industries, an investment company of Ruias, has drawn the market's interest. It is considered a proxy play for Jessop in the secondary market as Jessop is listed only on the Calcutta Stock Exchange and availability of the stock is highly restricted. According to market sources, the investors' appetite for Raghav has increased after acquisition of Dunlop by Ruias. Though Ruias routed investments in Dunlop through a Singapore outfit, market suspects that a substantial portion of investments in Dunlop may have been parked with Raghav Industries. It is estimated that Raghav holds around 50 per cent in Jessop, the revived railway wagon & engineering company. The Ruia family currently holds around 45 per cent in Raghav, while private corporate bodies hold over 49 per cent of the 19.5 crore equity. In the one year to December 31, 2005, promoters' holding has gone up by about 19 per cent whereas private corporate bodies brought down their investments by around 19 per cent. The miniscule public holding, however, remains more or less stagnant at 5.71 per cent. The stock is currently trading at Rs 25 level and moved between Rs 23 and Rs 25 in January 2006. It had touched its all-time high at Rs 35 on December 1, 2005.
Jayanta Mallick
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