Business Daily from THE HINDU group of publications
Tuesday, Jul 17, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jul 17, 2007 ePaper |
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Stock Markets Markets - Stocks Columns - Ear to the ground
GTC Industries is steadily growing in value and volume on the market on the back of further improvement in its business and in anticipation of Hyderabad land sale deal. According to market sources, notes to the 2006-07 results, which were taken on record by the board on May 18, 2007, clearly stated that company’s net worth turned positive on March 31, 2007. Interestingly, the company today informed stock exchanges that the net worth turned positive by Rs 38.83 crore. The notes to the 2006-07 had said that the comments of the auditors on the 2006-07 accounts would be “dealt with appropriately”. However, the company did not mention anything regarding sale of the land in the fourth quarter to March 31, 2007. Market speculation was that the deal has been formalised in the quarter to June 30, 2007. When contacted, a company official told Business Line: “As of now, no official announcement has been prepared regarding the land issue. Earlier, the company had informed stock exchanges that it was “exploring” the possibilities of “alternative use” of its surplus property in Hyderabad and not in Mumbai. Meanwhile, the promoters increased their stake in March 2007 through two outfits to 44.44 per cent from 41.8 per cent. The paid-up capital of the company has increased to 17.58 crore (Rs 16.78 crore). The stock finished with a more than 3 per cent gain on the BSE with a traded quantity of 2.17 lakh shares (fortnightly average 2.10 lakh shares) after moving within a range in the past one week. However, in the last one month the stock posted a gain of over 26 per cent. Jayanta Mallick
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