Financial Daily from THE HINDU group of publications
Thursday, Dec 04, 2003
Financial Daily from THE HINDU group of publications Thursday, Dec 04, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Block deal in Jain Irrigation
THERE was a block deal of 30 lakh shares in the counter of Jain Irrigation on BSE on Wednesday. The promoters of the company sold these shares and the buyers included FII GMO and other institutional investors. The deal was stuck in the early trade at Rs 82. After the deal, the stock price jumped and closed at Rs 95.95, up 9.97 per cent, on the BSE with a volume of 32.03 lakh shares. On the NSE, the stock closed at Rs 95.80, up 10.05 per cent with volume of 1.86 lakh shares.
Funds back JB Chem
THE counter of JB Chemicals is attracting buying interest from institutional investors due to the filing of various drugs formulations. The market talk is that the company plans to file for various abbreviated new drug application (ANDA) approvals in the next one-year. The buzz is that the company is expected to get approval for Ciprofloxacin shortly and the launch is possible in 2005 with expected revenues of around Rs 20 crore. The company is also expected to file for Fluconazole shortly and approval for it would come by end of 2005. JB Chemicals is also expected to file for Nifedipine XL in 2004. There is also talk that the company would have the capability to file six-seven ANDAs every year from next year onwards. For all these plans, the company is expected to invest around Rs 40 crore in R&D activities. In the domestic market also, the company has launched a couple of new products, which are among the first three to enter the therapeutic segment. Dealers said all these developments are attracting lot of market attention, especially from FIIs. The stock gained 7.11 per cent at Rs 357.65 on the BSE with a volume of 1.10 lakh shares on Wednesday. It gained 8.16 per cent at Rs 358.50 on the NSE with a volume of 1.48 lakh shares.
FII props up Divi's Lab DIVI's Laboratories stock has been hitting the upper circuit for the last two days due to active buying from a leading FII. The talk is that this FII is accumulating the stock and due to short supply of the stock in the market, it is hitting the upper circuit. Dealers said this FII is buying on expectation of huge growth potential for the company in the next few years. Since listing of the stock in March-April this year, the stock has been accumulated by several FIIs. On Wednesday, the stock gained 10 per cent at Rs 1,323 on the BSE with a volume of 36,981 shares and on the NSE it closed at Rs 1,320.65, up 10 per cent, with a volume of 1.54 lakh shares.
Virendra Verma
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