Business Daily from THE HINDU group of publications
Thursday, Aug 10, 2006
Business Daily from THE HINDU group of publications Thursday, Aug 10, 2006 |
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Stocks Markets - Stock Markets Columns - Ear to the ground
The stock has been steadily moving up in the past one week as the market was sensing a positive development. A group of operators understood to have been quietly accumulating the stock for some time expecting it to acquire a sugar unit to fuel its growth. The company, which has two sugar mills and is concentrating on expanding its ethanol capacity, was expected to acquire a sugar unit to fuel growth. The company on Wednesday informed the BSE that it has bid for a sugar-manufacturing unit with a capacity of 2,500 tonnes crushed per day (TCD). Though official announcement is yet to be made, Business Line has learnt that the company has bagged a six-year lease contract, starting from the sugar season of 2006-07 to 2010-11. The company's bid average price for the co-operative unit Godavari Manar SSK, located at Nanded in Maharashtra, was Rs 61 per tonne of crushed, over 50 per cent more than the nearest rival. Incidentally, this price is besides the minimum lease rent per crushing season of Rs 1.25 crore. The Nanded District Co-operative bank and the Commissioner of Sugar had opened the four bids received from Dollex and three competitors from the co-operative sector.
Jayanta Mallick
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