Financial Daily from THE HINDU group of publications
Wednesday, Mar 22, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 22, 2006 |
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Markets
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Stock Markets Andhra Cements active on JP Morgan plans Our Bureau
Kolkata , March 21 J P Morgan's proposal to invest in Andhra Cements has spurred volumes in the company's stock. On Tuesday, the stock saw trading in 3.4 lakh shares, leading to a day's high of Rs 39.50, a three per cent-plus gain over the previous close. The BSE-listed Andhra Cements, which closed at Rs 38.10, is expected to leverage the Rs 73-crore infusion by the overseas investor to its advantage, maintained investors who have tracked the stock in recent times. The stock, which had crossed the Rs 60-mark in September last year, has come down sharply since then. However, the current valuation is still way above its 52-week low of Rs 16.25. The company's decision to step up authorised capital to Rs 115 crore from Rs 70 crore will facilitate the JP Morgan transaction, market sources add while referring to the proposal okayed at a recent EGM.
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