RUMOURS are on the move that Patel On-Board, which is in courier service business, is being proposed to be merged with its group company Patel Roadways. There is no word from both the listed companies yet.
According to market sources, both the counters recorded huge volumes on the merger talk. Patel Roadways logged a traded volume of 1.59 lakh shares on the BSE. After touching the year-high at Rs 87.80 on Friday, the stock finished the session at Rs 84.50 with a gain of 1.02 per cent on the BSE.
Patel On-Board recorded traded quantity of 2.70 lakh shares on the BSE, more than double the recent daily averages. The stock price also created a new 52-week peak at Rs 96.65 on Friday but closed at 86.80, down 1.25 per cent.
Balasore Alloy gains on better prospectsBalasore Alloy gained by 3.05 per cent to close at Rs 13.84 on the BSE with 9.62 lakh shares being changed hands on improvement in its business and operations.
According dealers, fresh mining rights in ferrochrome in Orissa, debt restructuring and a small profit in Q1, after a spell of losses, have drawn some market participants to the counter.
"Demand for its products, pricing and margins seem to be better for the company. Operations in the new mines have also begun smoothly," a broker said.
Indraprastha Medi up on growth potential
Indraprastha Medical shot up by 13.57 per cent to Rs 48.95 with huge traded quantity of 46.21 lakh shares on the BSE.
According to the market sources, growth prospect in the backdrop of fresh US accreditation and expansion plans have attracted big time investors to the stock.
HDFC has picked up around 14 lakh shares at an average price of Rs 41 each from the market. The healthcare company has plans to add 350 new beds to meet the patient flow growth over the existing capacity of 670 beds.
According to a fund manager, a quarterly CAGR of 10 per cent is expected from the company this fiscal.