Financial Daily from THE HINDU group of publications
Thursday, Nov 17, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 17, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Divestment buzz to the fore Jayanta Mallick
BALMER Lawrie Investments, the holding company for the PSU Balmer Lawrie, was in the buzz because of possibility of partial divestments in Balmer Lawrie. Some 2.2 shares of Balmer Lawrie Investments represent one share in Balmer Lawrie. The holding company's stock on Wednesday moved up by 6.78 per cent to close at Rs 118.20 after the Union Finance Minister, Mr P. Chidambaram, indicated that the Left parties were agreeable to partial divestment in non-navaratna companies. The traded volumes on the BSE also increased more than four-fold in the Balmer Lawrie Investments counter. According to market sources, the shelved divestment plan for Balmer Lawrie could be revived and some specific direction may come by January 2006.
Riding on fundamentals RAIN Commodities (formerly Priyadarshini Cement) gained 5 per cent at Rs 55.80 on strong improvement in its fundamentals and expectation of substantial growth in profitability in the second half. According to dealers and brokers, the company is running at a capacity utilisation of around 160 per cent. The Hyderabad-based company has recently increased its price to Rs 140 per bag, which is expected to drive the profitability up further. The CDR for its 100 per cent subsidiary, Rain Industries, through issue of non-convertible debentures and preferential allotments of equity warrants early this fiscal, is lessening the interest burden by 3.5 percentage points and raising the prospect of positive contribution to Rain Commodities.
Driven by export order hopes
FLEX Industries, the packaging machinery company, on Wednesday recorded a gain of 2.48 per cent at Rs 95.10. According to market sources, the renewed interest is partly because of expectation of a decent export order and partly on account of its new operational area of fabrications for refining industry, which is likely to see surge in activity in the near future. The traded quantity also more than doubled in the counter to about one lakh shares on the BSE.
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