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THE much-awaited merger between the multinational pharma companies- Glaxo and Burroughs Wellcome- is likely to happen shortly. The merger has been delayed due to labour problems in Burroughs Wellcome. According to dealers, the management of Glaxo last week had a meeting with some FIIs and had indicated about the merger. This merger follows the global merger of these companies. On the back of the imminent merger, the stock price of the Glaxo and Burroughs Wellcome were up on Monday. Glaxo ended the day at Rs 403.15, up 5.26 per cent on the BSE and at Rs 400.90, up 4.77 per cent on the NSE. Burroughs Wellcome ended 4.19 per cent higher at Rs 249.85 on the BSE and 4.27 per cent higher at Rs 249.05 on the NSE.

Price hike keeps ITC in focus

CIGARETTE major ITC is understood to have hiked the price of some of its brands. These brands include Gold Flake and Bristol. Dealers said the prices of the company's premium brands in India - Benson & Hedges and 555 - were also expected to be hiked as prices of these brands in the grey market have gone up. It is expected that the hike in the cigarette prices would have a positive impact on the bottomline of the company as the incremental profits would be higher than the fall in sales following the hike in the prices. There is also a feeling among market players that the levy of various taxes by several State Governments on cigarette is not likely to affect the sales. However, ITC on Monday ended marginally down at Rs 644.55 on the BSE and slightly better at Rs 648.10 on the NSE.

ETC Network up on buying interest

ETC Networks has risen by about 65 per cent in the last one month after the acquisition of stake by Zee Telefilms. The share has increased from Rs 27 to today's closing price of Rs 48.55 on the BSE. Dealers said the stock had seen increased interest after the Zee acquisition, as this would ETC Network to leverage on the Zee network. Even after the sharp rise, the mood in the market is upbeat.

Zee will shortly come out with an open offer for the 20-per cent stake at Rs 31 per share

Virendra Verma

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