Business Daily from THE HINDU group of publications
Wednesday, Dec 05, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Dec 05, 2007 ePaper | Mobile/PDA Version |
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Foreign Institutional Investors Markets - Stocks Our Bureau Mumbai, Dec. 4 The George Soros Quantum Fund of the Soros Fund Management Llc, a foreign institutional investor, has acquired 5.8 per cent stake in Gujarat Ambuja Exports Ltd (GAEL), an agro-processing firm. “The quantum of investment could not be worked out exactly as the purchase was made in the secondary market over a period of time. However, it should be roughly around Rs 50 crore,” said a GAEL official. The stock price of the company has risen 110 per cent to Rs 72 on Tuesday from Rs 34 in January. The market capitalisation of GAEL breached the Rs 1-billion mark. Founded by Mr George Soros, a Hungarian-born stock investor with a net worth of $8.5 billion, the fund says the GAEL has excellent growth potential. Mr Vijay Gupta, Chairman and Managing Director of GAEL, said: “Analysts from Quantum had come to meet us over a year ago and did an extensive study of our businesses.” Soros Fund Management said: “Tthe agriculture sector in which GAEL operates would see more and more focus and would enjoy sops in the near future accruing benefits to the company with steady cash flows.” Mr Gupta said high prices of many commodities globally have benefited the company’s solvent extraction business in a big way, boosting profit margins from 2-3 per cent to 8 per cent, with strong indications they could touch 10 per cent. More Stories on : Foreign Institutional Investors | Stocks | Foods & Food Processing | Mergers & Acquisitions
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