GRAPHITE India, manufacturer of graphite electrodes, rose on Monday. The stock went up 7.33 per cent to Rs 324.15 on the BSE with volumes of 77,642 shares; on the NSE, it closed at Rs 323.75, up 7.2 per cent with volumes of 1.98 lakh shares.

Dealers said the stock climbed after a leading domestic broking firm came out with a `buy' report on Monday. The firm believes that the increased adoption of the electric arc furnace globally in steel manufacturing is expected to result in higher demand for graphite electrodes.

Moreover, the acquisition of Conradty, a German company, would increase the capacity of the company's products. Dealers said exports account for 50 per cent of the company's revenues and it is in a good position to tap more international markets.

MTNL gains on upgradeAFTER a long time, public sector telecom company MTNL has started moving up. On Monday, the stock rose 1.13 per cent at Rs 134.55 on the BSE with volumes of 13.98 lakh shares; on the NSE, it closed at Rs 134.50, up 1.13 per cent, with volumes of 33.42 lakh shares. In the last one week, the stock has increased by 12 per cent.

Dealers said the increase in the price is after a leading foreign broking firm has come out with a `buy' report on the company's stock. The main factor for the upgrade is on expectation that profits of MTNL may not decline in the next couple of quarters. Higher number of customers for its mobile services and the company's focus on broadband services could propel growth from the next few quarters.

The talk is that its subscriber base for the basic telephone services has also become stable. Earlier, there has been decline in the number of subscribers as most of them shifted to mobile phones.

Noida firm ahead of rights issueNOIDA Toll Bridge, a company that runs toll roads, was locked in 10 per cent upper circuit on Monday. The stock closed at Rs 36.35 on BSE with volumes of 14.41 lakh shares; on the NSE, it closed at Rs 36.45 with volumes of 17.91 lakh shares.

Dealers said the rise in the stock price is ahead of its right's issue where the shareholders of the company will get shares between Rs 17-20 per share. The shareholders would get one share for every 5 shares held.

The talk is that various investors are buying the shares to get the rights issue shares, as the issue price is attractive.

Virendra Verma

(This article was published in the Business Line print edition dated December 13, 2005)
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