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Saturday, Nov 06, 2004

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Gains on good prospects

AUTO ancillary company Amforge Industries stock is on an upward move in the last couple of days with the stock locked in the upper circuit. Stock of the company gained 10 per cent at Rs 102.30 on the BSE with a volume of 3.95 lakh shares on Friday.

Dealers said the interest in the stock is despite the company reporting loss in the second quarter. Talk is that several positive developments are happening in the company and this has led to buying interest. The buzz is that the company has closed down its Mumbai factory operations and the sale of the factory land is also expected to happen in the current fiscal. The company is also expanding its operations and is installing a 4,000 tonnes hot press in the current quarter, which will be operational from the next quarter. With this hot press, the capacity of the forgings for the company will double to around 8,000 tonnes.

Driven by merger news

THE stock of shoe company Mirza Tanners has attracted fresh interest after the company's decision to merge Leather Trends Pvt Ltd with it. Dealers said the merger will help the company to further consolidate its operations in the shoe business both in the gents and ladies segment.

Talk is that there is likely to be big orders for exports. Moreover, the company's shoes being accepted well in the domestic market is also attracting investor's interest in the stock. The company sells its shoes under the Red Tape brand in the domestic market. On Friday, the stock gained 14.06 per cent at Rs 176.90 on the BSE with a volume of 10.26 lakh shares and on the NSE it closed at Rs 176.30, up 13.74 per cent with a volume of 26.07 lakh shares.

Gears up on FII buying

AUTO ancillary company Shanthi Gears is attracting a lot of FII interest.

Dealers said the various projects undertaken by the company have attracted them. Increased liquidity in the stock after the stock split and bonus issue has also led to buying from FIIs. According to talk, around 5-7 FIIs are picking the company's shares.

On Friday, the stock of Shanthi Gears gained 4.33 per cent at Rs 28.90 on the BSE with volume of 2.60 lakh shares and on the NSE it closed at Rs 29, up 4.69 per cent with volume of 7.33 lakh shares.

Virendra Verma

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