Business Daily from THE HINDU group of publications
Wednesday, Nov 07, 2007
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Business Daily from THE HINDU group of publications Wednesday, Nov 07, 2007 ePaper | Mobile/PDA Version |
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Stock Markets Markets - Stocks Columns - Ear to the ground Salzer Electronics — in which L&T Capital recently picked up 14.95 per cent stake — shot up 9.54 per cent on Tuesday with more than 3 times its average fortnightly volume on the BSE and finished at Rs 148.65. According to market sources, the latest talk about the Coimbatore-based company is that it has opened up a new revenue window through power saving device installation and service contracts with civic bodies. Its first such contract at Madurai allowed it a continuous revenue flow worth 95 per cent of the total savings generated. Mr D. Rajesh Kumar, Joint Managing Director, confirmed to Business Line that the unique arrangement has allowed its Madurai Municipality to benefit to the tune of 18 per cent of the savings without any cost. Salzer is saving about 30 per cent of the town’s total power consumption, he added. The official said that Salzer was in talks with a number of civic bodies for such contracts. The 61.71-crore Salzer manufactures speciality transformers and has L&T and Crompton Greaves as its marketing partner for its products in the domestic and overseas markets along with a buy-back arrangement with a Canadian company.The stock has moved up 27 per cent in the last one week. Incidentally, the stock touched its 52-week high at Rs 156.60 during Tuesday’s session. A total of 1.34-lakh shares changed hands on the BSE. Jayanta Mallick
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