AUTOMOTIVE Stamping, a Tata Group company and supplier of stamping products to Tata Engg and a few other vehicle manufacturers, is moving ahead fuelled by the market rumour that Tata Engg has yielded to a decent price revision for products.
According to dealers, the negotiations were on for some time with its main customer for a price increase. This is expected to improve the sales and margins of the debt-free company in the current fiscal. The stock has been seeing increased activity and upward price movement in the past few sessions.
It closed at Rs 125.05 on the BSE, with a 3.13 per cent gain on Thursday. The stock has improved by around 8 per cent in the last one week.
Betting on price riseINDIA Cement, which had been seeing a price build-up ahead of a Dalal Street expectation of cement price rise in the southern region, the company's main market. The counter, however, tumbled a bit after opening at day's high of Rs 89.50 and finished at Rs 87.55, down 0.75 per cent. According to market sources, the decline on lesser volume than the 2-week average indicated partial profit-taking among the active players in the counter.
The market talk suggested that a price rise could take effect as early as next week. The current monsoon hardly had any serious impact on the construction activity in the southern region and said to be ready to absorb a price hike.
Bullish on growthA section of punters is understood to be aggressively accumulating DIC India on assumed growth prospects in this calendar year. The stock moved up by over 4 per cent to close at Rs 182.40 on the BSE with more than average daily traded volumes.
The printing ink & printing supplies manufacturing company, with December year-end, is reported to be showing steady rise in the turnover. Its wholly-owned subsidiary, DIC Coating Ltd, which had its new facility at Bangalore commissioned for new lamination adhesives in December last, is also understood to be recording better bottomline and EPS growth this year.