MAHANAGAR Telephone Nigam Ltd (MTNL) on Wednesday closed with a gain in a volatile market as certain players are understood to have betted on its prospects of being merged with Bharat Sanchar Nigam Ltd - the unlisted and the national telecom PSU.

The stock closed at Rs 122.45, after touching Rs 123, with a gain of 2.34 per cent. The counter recorded a traded quantity of 3.66 lakh shares on the BSE.

Dewan Housing gains on placement talk

DEWAN Housing buzzed on the market on its proposal for equity issue. According to the company sources, Dewan was planning to raise Rs 100 crore to expand its business. The market speculation was that it could be done through placement to a private bank.

The company sources said the issue was in the process of being structured and placement could be of one of the several options that may be eventually taken up.

The stock finished up 1.82 per cent at Rs 58.75. The traded quantity of the counter jumped roughly 3 times its fortnightly average on the BSE to 1.14 lakh shares.

Revamp talk fuels rally in LKP Merchant Finance

LKP Merchant Finance closed up 5 per cent at Rs 74.90, around the day's high, on the BSE with 1.58 lakh shares.

According to dealers, strong accumulation was being made by certain market players on the expectation that the debt restructuring of the company would be completed soon.

The profitability, according to market sources, is expected to go up substantially after this exercise.

Jayanta Mallick

(This article was published in the Business Line print edition dated November 10, 2005)
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