Financial Daily from THE HINDU group of publications
Wednesday, Dec 03, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 03, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Hardens on revamp talk Dinesh Narayanan
KALYANI Steels Ltd, a steelmaker of the Pune-based Kalyani group, is restructuring its business by merging Kalyani Ferrous Industries Ltd with itself and also paying off some of its debt. As part of the exercise, the company is planning to sell a part of its investment portfolio, which includes sizeable holdings in Bharat Forge and Hikal Pharma, a market source said. According to him, the company would sell a large chunk of its holding in Hikal and the money would be used to retire some debt. The restructuring has attracted buyers to the Kalyani Steel counter. Active buying by them on Tuesday lifted the stock to Rs 64.10, or 3.14 per cent, higher than its previous close on the BSE. About 6.5 lakh shares changed hands on the exchange.
Last hour rush
THE Reliance Industries counter saw some hectic buying during the last few minutes of trading on Tuesday. According to a dealer, the stock became active around 3.10 p.m., apparently on strong buying by a foreign fund. He said even though the market was aware of the fund's presence since morning, the actual buying came only in the last half hour. The stock began climbing from near the Rs 493 level and went all the way up to close at Rs 501.90, up 2.1 per cent from its previous close on the BSE. Trading volumes stood at about 32 lakh shares on the BSE and about 63 lakh shares on the NSE.
Liquidity injection THE trading volume at the counter of pharmaceutical company Strides Arcolab has increased after the largest shareholder in the company Zenith Pharmaceutical began offloading from its stock. The company announced recently that Zenith sold 3.03 per cent from its 70 per cent equity stake in the open market in mid-November. According to a market source, Zenith is still selling the stock in the open market to create liquidity at the counter. The stock closed at Rs 224.30, nearly 12 per cent up from its previous close on the NSE. More than 27 lakh shares changed hands.
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