Financial Daily from THE HINDU group of publications
Saturday, Dec 31, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 31, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Siyaram Silk counting on domestic strength
SIYARAM Silk Mills is witnessing strong appreciation in its price on the bourses over prospects of improved profitability. Market expectation is that the company is eyeing the domestic retail market too. An official spokesperson of the company told Business Line that the profitability of Siyaram was indeed improving through the current fiscal, mainly on the increase in price and demand for its end-products - poly-viscose items - and partly because of softening in raw material price. The company has recommended an interim dividend of 30 per cent for the current fiscal. The company had paid a 40 per cent dividend for 2004-05. The spokesperson, however, denied knowledge of any entry into the retail business by the company. He also denied the market rumour, which refuses to die down, that the company is planning to privately place its shares to raise funds for future expansion. The stock closed Rs 432.35, up five per cent, on higher volumes on the BSE.
Chemplast Sanmar up on re-rating talk CHEMPLAST Sanmar shot up by 10 per cent to Rs 83.05 with a higher traded quantity on re-rating of the stock. According to market sources, earlier market discounts on its blocked expansion plan are now being withdrawn after the company crossed the environmental hurdles. The company is setting up a new PVC unit with a capacity of 1.4 lakh tpa, which could be raised to 1.7 lakh tpa, at Cuddalore in Tamil Nadu with zero effluent discharge. The company's existing PVC and caustic soda plants at Mettur have also achieved zero discharge objective, through installation of reverse osmosis effluent treatment process. The environmental clearance for the Cuddalore project was hanging fire for more than three years.
Maharashtra Scooters: Betting on stake sale price MAHARASHTRA Scooters Ltd on Friday is hovering around its 52-week high of Rs 407.9, created on Thursday. The stock, after touching the day's high of Rs 402.25, closed marginally higher at Rs 396.95. According to market sources, the Western Maharashtra Development Corporation (WMDC), 27 per cent owner of the company, has demanded higher price for its stake to be sold to Bajaj Auto Ltd. Both WMDC, and Bajaj Auto, the 24 per cent owner of the company, have initiated an arbitration process. However, a prolonged delay in arriving at a recommended price for the WMDC stake, has been causing market confusion over the valuation of MSL stock, since during the intervening period, MSL's prime assets of investments in Bajaj Group of companies, including Bajaj Auto, have been appreciating, market sources said.
Jayanta Mallick
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