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Thursday, Jul 27, 2006

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McDowell: On brand acquisition hope

Another stock that moved up on acquisition rumours today was McDowell and Company.

Market talk indicating that the company is close to buying four brands from White and Mackay saw the company's share price surge almost 5 per cent to end at Rs 512.05. About 1.46 lakh shares changed hands at this counter against the two-week average of 1.93 lakh shares.

The stock has gained 18 per cent month-on-month. The deal is reportedly at a cost of Rs 110 crore.

However, official confirmation could not be obtained.

Deeptha Rajkumar

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