Financial Daily from THE HINDU group of publications
Thursday, Sep 02, 2004
Financial Daily from THE HINDU group of publications Thursday, Sep 02, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Corporate action to follow?
WHILE the counter of Jindal Steel and Power may have ended in negative territory on Wednesday, word on the street is that there is some significant corporate development in the offing. According to market grapevine, the company is in talks with a power major in the US to sell part of its stake in the power venture. Though at this point it can only be termed as a rumour, word is that the company is serious about the said venture. The stock ended the day at Rs 573.55 down 2.12 per cent with around 23517 shares traded on the NSE.
Acquisition talk adds shine The stock of Berger Paints India hit a 52-week high of Rs 41.55 (BSE) and Rs 41.60 (NSE) intra-day on the bourses on Wednesday. Brokers maintain that rumours of an acquisition have spurred interest in the counter. The company is said to be looking out for an acquisition in the industrial segment. On their part, analysts believe that the stock is a value pick as it is a growth story. There is a perception that the company's restructuring efforts are paying off, which has improved margins. The stock is currently trading at a discount. Cheap valuations apart, the counter has also been gaining strength on the bourses since its stock split. The stock ended the day at Rs 40.30, up 4.54 per cent, with around 4.8 lakh shares traded on the NSE.
In driver's seat
THE stock of the auto ancillary Sona Koyo Steering Systems has gained by almost 14 per cent over the last three days. While one could attribute the run up in the counter to the current fancy in mid-cap stocks, there is a perception that the stock has been undervalued for long. Analysts maintain that the company will see a robust ramp-up in exports. With Hyundai expected to ramp up volumes with Getz, one could see incremental business flow to Sona Koyo. The stock ended at Rs 4.25 with around 1.1 lakh shares traded on the BSE and Rs 44.20 on the NSE with around 2.37 lakh shares traded on the NSE.
Deeptha Rajkumar
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