The Hindu Business Line : Polaris Software: Stake sale talk back again

POLARIS Software Laboratories on Friday logged over nine per cent appreciation in price and a jump in volumes. The stock closed at Rs 142.30. On the NSE, it recorded a traded quantity of 47.15 lakh shares and on the BSE, 16.62 lakh shares. The stock has moved up by 33 per cent in the last one month.

According to dealers, market continues to factor in the possibility of Citibank NA unloading the 23 per cent stake it holds in the company (as a nominee of OrbiTech) to a foreign IT major. According to market sources, the rumour has been doing the rounds for some time now. The recent change in the content of the market talk was a new name, which has been added to the two names already in circulation as probable suitors.

Grapevine suggests that representatives of one of the three may have met the Polaris management on Friday purportedly to discuss the subject.

But no official confirmation was available.

Betting on merger move

A SECTION of market players is enthusiastic about the proposed merger of two outfits - AppLabs Technologies and eSolutions with VisualSoft Technologies.

According to market sources, the merger would not only increase Visualsoft's balance sheet size but also raise the operational scalability, provide synergy, reduce cost and increase profitability. The merged entity will have staff strength of 1,800 and over 400 customers in India and abroad. The stock had a traded quantity of 3.43 lakh shares on the BSE; on the NSE, it recorded a volume of 11.11 lakh shares.

The stock finished at Rs 243, a shade under its year high of Rs 245.80, with a gain of around 2 per cent. The stock has appreciated by 27 per cent in a month.

Aurobindo Pharma up on USFDA nod hopes

AUROBINDO Pharma posted a gain of 3.17 per cent to close at Rs 418 with surge in volumes. On the BSE, it recorded a traded volume of 23.75 lakh shares against its fortnightly average of around 2 lakh shares.

According to market sources, the company is poised to obtain another product approval from the USFDA shortly. The company has recently got two other FDA approvals for its products. The importance of these approvals is that the company would be able to access the US market immediately.

Jayanta Mallick

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