ICICI Bank, BoM rally on merger talks

K.S. Badri Narayanan

ICICI Bank: The merger talk with Bank of Madura seemed to have fuelled a strong rally in both the counters. While ICICI Bank finished the week at Rs 169.85 (Rs 140.35), Bank of Madura scored a significant gain of Rs 41.90 to close at Rs 131.60 (Rs 89.70).

Thomas Cook: The change in control (C&N Touristic close to pick up controlling stake) at the global level in the parent company seemed to have evoked a positive response to this scrip. It recovered to close at Rs 337.55 (Rs 327.65) from a low of Rs 314.95.

Castrol: The reported move of BP Amoco, an international oil major, to make an open offer to acquire further 20 per cent stake, triggered a strong rally in this scrip. Castrol finished at Rs 277.05 (Rs 243.50).

Zee Telefilms: Its share price spurted to Rs 320.55 (Rs 282.50). The speculative interest gained momentum due to Zee's plans to divest its stake in the Hyderabad-based Siticable, a cabling arm of the company.

VSNL: The proposed Government's decision to divest 15 per cent stake through strategic sale could have triggered a rally. VSNL recovered to finish at Rs 308.30 (Rs 283.75), from a low of Rs 266, which it touched during the week.

Godrej Soaps has got its board's approval for the demerger of its consumer products business, with the paid-up capital being split in the ratio of 60:40. It finished the week at Rs 58.95 (Rs 51.20), a gain of 15 per cent over the last week close.

Ciba Specialty Chemicals: It has finished the week on firm note at Rs 86.50 (Rs 81.45). Its board approval for the merger of its subsidiaries -- Pigment Specialities India Ltd and Indo-Swiss Textiles Chemicals Ltd -- with itself, could be behind the rally.

Hindalco: The proposed acquisition of 10 per cent stake from Grasim in Bihar Caustic & Chemicals Ltd might have influenced both the counters. While Hindalco flared up to Rs 749.05 (Rs 674.25), Bihar Caustic finished up at Rs 12.35 (Rs 10.50).

Silverline Technologies: It displayed a firm trend during the week and finished at Rs 321.05 (Rs 295.65). Silverline tied up with Niku Corporation, a leading provider of services relationship management solutions, to expand its product development and enhancement efforts in India.

SSI: SSI Technologies, the software development and consulting arm of SSI, has announced the launch of NetCommex -- a complete product suite for online commodities trading. This could have helped SSI post a marginal gain of Rs 26.90 at Rs 1743.15 (Rs 1716.25)

Gammon India: Its decision to come out with a 1:1 right issue at a premium of Rs 2 (face value Re 1) seemed to have attracted market players. Gammon finished the week at Rs 139.25 (Rs 111.20).

Foseco: It finished the week on strong note at Rs 73.82 (Rs 60.30). The market expectation of open offer from its new acquirers could have fulled in rally.

TTK Prestige: The share price of the company improved marginally to Rs 19.60 (Rs 17.75). It's decision to acquire 26 per cent stake in Softel Machines Ltd, an electric appliances company, could have enthused market players.

AGK Computer Secure Prints: The company's plans to develop its own B2C portal in the joint collaboration with the UK-based firm, Bulk Market, could have triggered a minor rally in this scrip. It closed marginally ahead at Rs 27.45 (Rs 24.50).

Rane (Madras) Ltd: The board's approval to sell its investments in joint venture companies to associate companies/financial institutions for an aggregate value of around Rs 16 crore, could have evoked some favourable response. Rane finished at Rs 35 (Rs 34), after touching a high of Rs 38.80 during the week.