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Sterling Holiday Resorts India has gained 11 per cent in the past one week on renewed activity. On Tuesday, the counter moved up around 3 per cent to close at Rs 49.35 and witnessed a trading volume of 64,423 shares. Rumour doing the rounds in the market circles is that the Indiabulls Real Estate is in talks with the promoters for a buy-out.

Street expects the deal could be clinched at a much higher price than the current ruling price. Repeated attempts to get in touch with the CMD proved futile in the last few days. In the last two quarters to June 30, 2007, the company could prevent its loss-making spree and reported net profits.

It has also sold off some assets in recent months, including one in Goa, to pay off loans. As of June-end, the promoters’ combine holding in the company was 18.61 per cent and the paid-up equity was Rs 27.84 crore.

Jayanta Mallick

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