Financial Daily from THE HINDU group of publications
Saturday, Jun 08, 2002
Financial Daily from THE HINDU group of publications Saturday, Jun 08, 2002 |
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Markets
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Stock Markets Columns - Ear to the ground Punjab Tractor up on stake sale talk
Punjab Tractor moved up on Friday on rumours that a local tractor company was eyeing the Punjab State Investment Development Corporation's (PSIDC) stake in the company. The stock ended the day at Rs 142.70 on the BSE, up almost 3 per cent and on the NSE, Punjab Tractors closed at Rs 142.90, up 3.13 per cent. On the BSE about 1.34 lakh shares were traded and on the NSE 3.04 lakh shares changed hands. PSIDC's stake in Punjab Tractors currently stands at around 23.49 per cent. According to analysts, given the current trend of disinvestment it is more likely that the Punjab Government is looking at divesting its holdings in most companies.
M&M up on dividend hopes
MAHINDRA & Mahindra on Friday moved up two per cent in anticipation of a dividend announcement from the company. The company is scheduled to hold its board meeting on June 17 to consider audited financial results. The stock closed at Rs 96.15 on the BSE, up 2.12 per cent and at Rs 96.20 on the NSE, up 2.92 per cent. About 2.11 lakh shares changed hands on the BSE while M&M registered a volume of 4.8 lakh shares on the NSE. According to market talk, while auto stocks do appear to be buzzing with activity, the company's fundamentals are an added attraction. The company's `Project Scorpio' is expected to turn around company fortunes for the fiscal FY03, analysts feel. Reports of M&M's IT venture MBT undergoing valuation appear to have fuelled market interest further in the stock.
ING to up stake in Vysya soon?
THE much-awaited hike in the stake to 49 per cent in Vysya Bank by ING Group through Bank Brussels Lambart is expected shortly. According to market sources, the stake hike is expected in next 15-20 days. Currently, ING Group has 20 per cent stake in the bank. The market players expect increase in the stake partially through the preferential route and by acquiring shares from the promoters of the bank - GMR Group. The Dutch bank would be acquiring these shares around Rs 400 per share. On FridayVysya Bank ended lower at Rs 276.30 on the BSE with volumes of 22,362 shares. On the NSE, it closed at Rs 275, down 4.58 per cent with volumes of 61.326 shares.
Deeptha Rajkumar
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