Financial Daily from THE HINDU group of publications
Friday, Apr 08, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 08, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Aegis Logistics up on siblings pact talk
THE stock of Aegis Logistics has been rising consistently this week. Unconfirmed news is that the NRI promoters - the two Chanderia brothers - among themselves amicably decided to part ways. It understood that one of the two brothers would fully buy out the other. The promoters' total holding in the company is around 64 per cent. According to dealers, though the buy-out technically is considered as inter se transfer and not to trigger the takeover code, a section of market players has started cornering the shares on the new value proposition since the buy-out process began a few days ago. Fundamentally also, the counter is a better value pick in terms of P/E multiple and turnover than its peers such as Gateway Distripark. This explains the lower supply of the stock despite a steady rise in its price, according to market source.
Exit buzz pushes it to new high THE stock GMR Industries, which has stake in ING Vysya Life Insurance, shot up by around 20 per cent on Thursday to create a new 52-week high of Rs 99.95 on market talk that ING would buy-out its majority stake (46 per cent) in ING Vysya insurance venture. According to market sources, preliminary negotiations suggest a valuation of around Rs 300 crore. It is understood that GMR Industries is likely to exit the insurance business. The company is into fast growing sectors such as infrastructure, sugar, power and ferro chrome. Sources close to the management, however, suggested that the possible exit may not take place in the immediate future. The FDI limits for insurance sector is yet to be relaxed, the sources indicated.
Gains on bonus hopes THE Solvay Pharma stock is in the buzz over expectation of a bonus issue expected to be announced shortly. The stock moved up to Rs 485, up by 2 per cent, after touching the 52-week peak at Rs 499.25. The stock has been moving up on improving topline and bottomline. A clutch of new product launches is also in the pipeline in better margin categories. According to dealers, the bulging reserves at Rs 48.13 crore against the paid-up capital of just around Rs 5 crore may have triggered the hope. No official confirmation, however, was available on the market expectation from the company management.
Jayanta Mallick
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