Financial Daily from THE HINDU group of publications
Wednesday, Dec 22, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 22, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Crew B.O.S. Products gains on value picking
A LEADING stock broker and his associates are said to be actively accumulating shares of Crew B.O.S. Products, a Delhi-based fashion accessory maker. Shares of Crew, which made its initial public offer in August at a premium of Rs 25 on a face value Rs 10, have been gradually rising over the past couple of weeks on steady demand from select investors. The company, which makes leather and nylon bags, wallets, belts and other fashion accessories, supplies to leading global brands and retail chains such as GAP, Next, Banana Republic, Selfridges and Chico's. It is setting up a new unit at Manesar in Haryana. Market sources say that several fund managers and other large investors are eyeing the company with interest. The stock closed at Rs 61.40, up 4 per cent from its previous close on the BSE. While 90,536 shares were traded on the BSE, the NSE saw more than 3.4 lakh shares change hands.
A deal in the making?
DELHI-based leather goods maker Mirza Tanners has grabbed some discerning buyers' attention in the stock market. According to a reliable source, the company is in talks with Hindustan Lever to buy out its leather business. Lever has already said that it would exit non-core businesses. The division is estimated to have revenues of about Rs 100 crore. An HLL spokesperson declined to comment on the leather business. Mirza Tanners too would not comment on the market talk. While Hindustan Lever closed at Rs 144.70, down 2.3 per cent from its previous close on the NSE, the Mirza Tanner stock rose 2.3 per cent to end the day at Rs 215.55 on the exchange.
Perks up on brand promotion
ACTIVITY spiked up at the counter of Recron Synthetics (known as Raymond Synthetics before the Reliance group took it over) on Tuesday on news that the company is planning ambitious promotion of the Recron brand. According to a source, the company is planning to set up a chain of retail stores to sell its wares. The source said Recron is one of the largest selling brands in the domestic polyester fibre market. Trading volume surged to over 27 lakh shares as investors flocked to the counter. The stock closed the day on the upper circuit at Rs 10.20.
Dinesh Narayanan
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