Financial Daily from THE HINDU group of publications
Tuesday, May 24, 2005
Columns - Ear to the ground
Shaw Wallace down post-offer
THE stock of Shaw Wallace & Company has been on a downward move in the last one week. The stock has lost 20 per cent during this period. On Monday, the stock was down 7.77 per cent at Rs 167.85 on the BSE with volumes of 2.51 lakh shares.
Dealers said the share price moved down after the open offer from McDowell at Rs 260 a share closed earlier this month. Around 60 per cent of the shares offered were accepted and the remaining shares were returned to the shareholders. These shares are now back in shareholders account.
The talk is that the investors who had bought the shares ahead of McDowell offer are now selling the shares in the market. There was sharp jump in the stock price of Shaw Wallace from the beginning of this year. The talk is that the share might fall further before fresh buying comes in.
Job Engineering up on nod for shops
THE counter of Job Engineering was locked in the 10 per cent upper circuit on Monday. The stock closed at Rs 40.60 on the BSE with volumes of 1.50 lakh shares.
Dealers said the interest in the stock is on account of two factors. One that the company's debt restructuring may be through soon helping it save interest cost. Another factor is that one of its bridges in Mumbai (in Andheri- North Mumbai) is likely to get permission to build shops below it. This bridge is on the Western Expressway and the value of these shops would be very high.
With these two developments the company would again come out of losses, feel market players.
Patel Roadways jumps on strong outlook
SHARES of Patel Roadways, a logistic company, have jumped sharply in the last one week - a gain of 80 per cent.
On Monday, the stock was locked in the 20-per cent upper circuit at Rs 35 with volumes of 1.32 lakh shares - more than double of the average volumes of last two weeks of 63,000 shares.
Dealers said the interest in the stock is mainly on expectation of good outlook for the company as the logistic business has been showing robust growth. The company is mainly into transport of goods by road and has large network of vehicles across the country.
But some players have cautioned on the run-up as the past financial performance has not been very good.
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