Financial Daily from THE HINDU group of publications
Wednesday, Feb 19, 2003
Financial Daily from THE HINDU group of publications Wednesday, Feb 19, 2003 |
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Markets
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Stock Markets Info-Tech - Stocks GTL in limelight Our Bureau
KOLKATA, Feb. 18 GTL (formerly Global Tele-Systems) was back in action on news that the company's board on February 24 would discuss the valuation report relating to a proposed acquisition. The stock, after scaling a high of Rs 87.10, closed at Rs 85 against the previous closing price of Rs 78.15 on the BSE. The stock today recorded seven-digit traded volumes, highest in February, both on the BSE and the NSE. From the January 27 closing of Rs 70.15 on the BSE, the stock has improved by over Rs 15 or more than 21 per cent. On the BSE, the traded quantity was 44.02 lakh shares (7.71 lakh shares) and on the NSE 84.63 lakhs shares (20.36 lakh shares). Of the traded shares, only 10.13 per cent was up for delivery on the BSE and 13.28 per cent on the NSE. The daily average traded volumes of the GTL stock for the last two months stand at 12.18 lakh shares on the BSE and 26.55 lakh shares on the NSE. The market has been speculating about the probable acquisition for quite some months now. In January, the stock had touched a high of Rs 99.95 and the average of closing prices in the past two months stood at Rs 84.50. According to Mr Ketan Thacker of Anagram Stockbroking, though GTL fundamentals are not great, it sported a cash (and bank) balance of Rs 81.85 per share as on March 31, 2002 and a book value of Rs 190 per share. The 52-week high and low of the stock were Rs 149.95 and Rs 67.10 respectively. "At the current market price, the stock is trading at 7.4 times its nine-month annualised earnings per share," he added. GTL's net profit declined by 26.4 per cent in the third quarter this fiscal against the corresponding quarter of 2001-02. For the first nine months of 2002-03, GTL has seen a drop in bottomline of 23.6 per cent.
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