Financial Daily from THE HINDU group of publications
Tuesday, Jan 21, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jan 21, 2003 |
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Markets
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Stock Markets Renewed interest seen in Dabur Jayanta Mallick
KOLKATA, Jan. 20 THE Dabur India stock today saw a surge in volumes coupled with price increase on the BSE and the NSE. According to brokers and analysts, the stock also witnessed several block deals, reportedly executed between a foreign fund and an insurance major. The stock, after touching the day's high at Rs 51.55, closed at Rs 48.95, up 3.27 per cent, on the BSE with volumes of 21.44 lakh shares. On the NSE, the stock closed at Rs 49.25 with volumes of 27.33 lakh shares. In the last 16 sessions, it has nudged up by Rs 5.10 but volumes moved up from 4 digits to the 7-digit figure. Its five-day average volumes on the BSE stood at 2.84 lakh shares. OF the traded shares, 43.74 per cent was up for delivery on the NSE and 40.91 per cent on the BSE. The stock with a rupee one face value, has its 52-week high at Rs 58.65 on the BSE. In December, it had seen a high of Rs 46 and a low of Rs 43.6. The Dabur board will decide on the hiving off its pharmaceutical division into a separate company on January 29. The division contributes around 14 per cent to its turnover. It may be mentioned that in July last year, Dabur had separated its pharma and FMCG operations into two divisions. According to Ms Priya Madani of Anagram Stockbroking, Dabur at its current price is trading at 19.2 times its trailing four quarter earning per share of Rs 2.55. The rationale for hiving off the pharma business is to create a distinct identity for the pharma business, focus on marketing alliances in developed countries, optimising investments aimed at capturing generic opportunities in the US and Europe and pursue research in innovative molecules in oncology, she pointed out. The company plans to out-licence molecule from late clinical phase. According to the management, the domestic formulations and international bulk drug business will continue to be a cash generator and would meet the future cash requirement for the oncology segment. Recently, Dabur has tied up with Free Markets Inc for e-procurement. The deal is expected to reduce Dabur's annual outsourcing (raw materials and packaging) bill of around Rs 500 crore significantly.
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