The Hindu Business Line : Great Offshore, GE Ship decline

Great Offshore and Great Eastern Shipping stocks have been declining on the bourses of late. According to market talk, operators have cooled off their speculative binge since there has not been any response from the SEBI to one promoter faction's application in April seeking provisional exemption from open offer (in case a buy-out of another faction takes place.

Sources close to the development told Business Line that the beginning of a price negotiation is subject to SEBI clearance.

Some punters, however, taking the cue from the application, had begun to mop up Great Offshore stock in the hope that there could be extra ordinary premium additions on the market price in the ensuing deal.

On the other hand, assumption was floating on the street that GE Shipping stake sale (in form of swap) would benchmark a value that is substantially higher than the market price.

Further, bet was also on the assumption that both the factions were eager to thrash out deals in a jiffy. But, intervening silence by the factions and SEBI has unnerved the operators causing quiet unloading now, market insiders say.

Great Offshore declined by 3 per cent to finish at Rs 776, while GE Shipping softened by nearly a per cent to close at Rs 288.

Jayanta Mallick

More Stories on : Stock Markets | Stocks | Ear to the ground | Petroleum | Shipping

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Job market to remain vibrant in Q3, says survey

`Heat low' builds to drive monsoon into north

Pension fund manager: Request for proposals issued

Telecom authority for cap on mobile operators

Industrial output surges; manufacturing grows 15.1%

A satisfactory start, says Chidambaram

Areva in talks with Govt, BHEL, L&T

DLF public issue fully subscribed

`Gold will need a new catalyst to challenge $700/oz '

Second-rung pharma stocks outdo index since May

Great Offshore, GE Ship decline

Infosys' non-compete bond `to protect intellectual property'

ICICI to sell 5.9% in new arm for Rs 2,650 cr