The Hindu Business Line : Zuari up on talk of fresh investments

The Street talk is that Zuari Industries of the K. K. Birla group, which had agreed to sell its 50 per cent equity stake in its joint venture, Zuari Cements Ltd, to its partner, Ciments Francais, the French subsidiary of Italcementi, would receive the payment of Rs 600 crore shortly. ZIL's investment in Zuari Cements was Rs 213.98 crore. Some punters are not only betting on the huge cash flow, but potential of fresh investments in ZIL's fertilisers and agri-related businesses here and abroad. Dealers said accumulations were also on for ZIL's fundamentals and investments, which are not adequately factored-in in the current market price. The stock, opening higher than the previous close of Rs 145, made a smart upward move to reach the day's peak at Rs 151 on the BSE and Rs 150 at the NSE after a spell of sustained buying. But it finished lower at Rs 144-level.

Jayanta Mallick

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