Takeover battle may speed up Kalindee Rail

The stock of Kalindee Rail Nirmal will remain active at the bourses as Texmaco Rail & Engineering launched an open offer to buy 30 per cent stake in company at Rs 68 a share. On Saturday, Texmaco Rail bought out the entire promoters’ stake of 11.74 per cent for Rs 12.59 crore. Texmaco Rail will also get another 24.9 per cent stake in the company through preferential allotment, which was made at Rs 63.13 a share. Earlier last week, Jaipur-based Jupiter Metal Pvt Ltd too made a hostile takeover attempt by launching a conditional and voluntary open offer at Rs 65 a share. It remains to be seen how Jupiter Metal will react to the Texmaco Rail move.

ADAG stocks will see more activity

Shares of Anil Ambani group stocks will come under renewed focus this week due to sentimental reasons. A Delhi court on Friday directed Reliance ADAG chairperson Anil Ambani, his wife Tina Ambani and 11 others in the 2G spectrum case to appear in the Court on Monday as prosecution witnesses.

Though this will not have any fundamental impact on the group companies, most of the group stocks will come under pressure, given their sharp rise in share prices.

Reliance, Hind Unilever to remain in focus

This week shares of Reliance Industries, which came out with Q1 performance on Friday after market hours, and Hindustan Unilever that is scheduled to declare its financial numbers coming Friday will remain in focus. Reliance Industries numbers beat most market analysts’ estimates. However, the focus will be more on Hindustan Unilever, whose share is ruling at all-time high levels. The company has been doing financially well in the last few quarters, though most analysts say the stock is highly priced at current levels. The financial performance will determine whether the stock is rightly priced or not.

(This article was published on July 21, 2013)
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