Financial Daily from THE HINDU group of publications
Tuesday, Sep 24, 2002
Financial Daily from THE HINDU group of publications Tuesday, Sep 24, 2002 |
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Markets
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Stock Markets Promoters consolidating stake in Madras Cements? Jayanta Mallick
KOLKATA, Sept. 23
MADRAS Cements, a highly illiquid counter, saw volume growth at 15,842 shares on Monday from Friday's meagre 35 shares on the Bombay Stock Exchange. The stock price also moved to Rs 4,047 from Rs 4,000. According to market participants, two block deals involving 7,881 shares each at a price of Rs 4,200 in early trading aroused some interest among traders. Brokers were of the opinion that open market purchases through the creeping acquisition route by one of the promoters were behind the rise in traded quantity and the price. UTI was seen as the seller. That the traded volumes were part of an investment decision and not one of speculation can be judged from the fact that almost all shares traded were presented for delivery on the BSE. The last two months' average price of the Madras Cement stock had been Rs 4,014.80 and the average daily volumes were 533 shares. On the NSE, however, only 65 shares were traded and the stock closed lower at Rs 4,000. The earning per share stands at Rs 70 after announcement of the results for first quarter ended on June 30, 2002. The company reported net sales of Rs 161.72 crore (Rs 209.15 crore) and net profit of Rs 8.65 crore (Rs 30.17 crore) during the first quarter. Promoted by the Chennai-based Ramco Group, Madras Cement has a total promoter shareholding of around 39.48 per cent. According to the shareholding data provided by the company to the BSE, as on June 30, 2002, Ramco Industries held 17.51 per cent stake in the company, while Rajapalayam Mills, Sri Vishnu Shanker Mill and Ramaraju Surgical Cotton Mills, all group companies, had a stake of 12.53 per cent, 1.61 per cent and 1.5 per cent respectively. The shareholding of UTI was placed at 6.7 per cent and the public holding at 21.19 per cent.
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