Financial Daily from THE HINDU group of publications
Sunday, Jul 13, 2003
Financial Daily from THE HINDU group of publications Sunday, Jul 13, 2003 |
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Investment World
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Stock Markets Markets - Commentary Hughes gains 15 pc on Tenet acquisition Suresh Krishnamurthy
Satnam Overseas (Rs 41): Without any new development, the stock of Satnam Overseas gained 84 per cent during the week. The company, while announcing product launches in June said that it expected the net profit to grow 15 per cent in 2003-04. Elbee Services (Rs 16): Elbee Services gained 44 per cent. Elbee announced that it is entering a memorandum of understanding with Phoenix Resurgency Management Services. Elbee Services has also said that the management of the company would be restructured. Hindustan Copper (Rs 48): The clearance of strategic sale of the Government's stake by the Cabinet Committee on Disinvestment helped the stock gain 33 per cent. Stocks such as Dredging Corporation and CMC also gained as public offers in these companies have also been cleared. The stock of IBP, the residual stake in which also is to be offered for sale, however, declined. Visual Soft (Rs 166): The impressive performance of Infosys led to the rise in price of many mid-cap stocks - Visual Soft being one among them. The stock gained 24 per cent. UTI Bank (Rs 65): The lingering possibility that UTI is selling its stake in the company sent the stock price gain 22 per cent during the week. Andhra Paper (Rs 83): News reports indicated that the Bangurs, who own West Coast Paper, are bidding for the Andhra Pradesh Government's stake in the company. The stock gained 22 per cent.
Hughes Software (Rs 253): Hughes unveiled the acquisition of Tenet Technologies for Rs 18 crore. The acquisition is expected to enhance the company's focus on Japan. The stock gained 15 per cent MphasiS BFL (Rs 360): The improvement in the financial performance of MphasiS BFL's subsidiary MsourcE was received well by the markets. The stock gained 10 per cent.
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