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Friday, Aug 25, 2006

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Helios jumps on bonus hopes

The Helios and Matheson stock has been surging at the stock market with increased trading volumes. The stock has gained 16 per cent week-on-week basis and 36 per cent on a month-on-month basis. Trading volumes moved up to 2.35 lakh shares against the two-week average of 2.11 lakh shares.

According to market sources, the company may soon announce its bonus plans. The expectation was on the back of company's recent history; in 2003-04 and 2004-05, the company had announced 1:1 bonus.

However, a senior company official termed this as only a "market rumour."

The company board is meeting on Friday to consider accounts and dividend, according to its filing with exchanges. Another positive, according to brokers, is that the arbitration process between vMoksha and Helios is likely to end soon.

The company official confirmed that the arbitration is likely to be completed within a few weeks.

The Madras High Court had directed Helios and Matheson and vMoksha, which were engaged in a merger dispute, to resolve their differences amicably through arbitration. Helios and Matheson had announced the acquisition of all three units of vMoksha, an offshore IT outsourcing company, in April 2005 for $19 million.

However, the deal ran into trouble.

K.S. Badri Narayanan

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