Financial Daily from THE HINDU group of publications
Sunday, Feb 09, 2003
Financial Daily from THE HINDU group of publications Sunday, Feb 09, 2003 |
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Investment World
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Stock Markets Markets - Commentary Hindustan Powerplus up on buyback offer from parent G. Madhan
Kotak Mahindra Finance (Rs 190): The stock price of Kotak Mahindra Finance surged this week by 18 per cent. This has to be viewed in the context of license awarded by the Reserve Bank of India to commence its banking business. The bank is to be called Kotak Mahindra Bank Ltd. and is likely to commence operations before March 31. Ashok Leyland (Rs 104): The stock price of the truck manufacturer, Ashok Leyland went up this week by 9.7 per cent. This has to be seen in light of 49 per cent growth registered by the company to its total sales in January. Hindustan Powerplus (Rs 31): Increase in the stock price of Hindustan Powerplus by 27.9 per cent this week has to be viewed in the backdrop of open offer made by the company's MNC parent. The parent offered to buy out the entire 62.25 per cent stake in the company at Rs 32 per share. India Glycols (Rs 37): The stock price of India Glycols gained this week by 12.1 per cent. The Government's recent initiative to move towards ethanol-based fuel has been seen as a positive sign for the company. Dr Reddy's Labs (Rs 920): The stock price of pharma major Dr Reddy's Labs went up this week by 1.8 per cent. The company had mixed fortunes this week. Novo Nordisk, which had earlier temporarily suspended clinical trials on Dr Reddy's anti-diabetic molecule, DRF-2725 (Ragaglitazar), has now decided to completely terminate further clinical trials on the molecule. Dr Reddy's had out-licensed the compound to Novo Nordisk in August 1998. The positive development was that Novo Nordisk has decided to take up another promising molecule, an insulin sensitiser, DRF-2593 from Dr Reddy's for further development. Hindustan Petrolueum (Rs 299): The stock price of the state-owned oil refinery major HPCL went up this week by 2.6 per cent. The Government will flag off the disinvestment process by inviting initial bids for 34 per cent stake in this oil company. The expressions of interest would be invited from parties interested in bidding for Government equity in the company on February 10. Glenmark Pharma (Rs 219): The stock price of Glenmark pharma fell this week by 4.8 per cent. The company has divested its stake from its 100 per cent subsidiary Glenmark Laboratories, for a consideration of Rs 35 crore in an all cash deal. The proceeds of the divestment are likely to be utilised by the company for retiring debt and strengthening international operations. Tata Tea (Rs 165): The stock price of Tata Tea went up this week by 2.5 per cent. This has to be viewed on the backdrop of market expectations of Budget sops for the tea sector. Top Gainers and Losers The top 5 gainers of the week are Silicon Valley Infotech, Supan Syntech, Shalimar Agro Products, Maharashtra Scooters and Hindustan Powerplus. The top 5 losers of the week are Swastik Roofing, VMC software, Shree Hari Chemicals, Ramco Super Leathers and Classic Diamonds.
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