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Wednesday, Dec 20, 2006

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Pudumjee betting on price hike

Though Pudumjee Pulp slid six per cent on Tuesday, the stock still remains a gainer in term of last one week's and month's price performance at 18 per cent and 40 per cent respectively.

According to market sources, the recent interests in the counter stem from two factors: expected paper product price increase next month and commencement of work on its announced plan regarding real estate development.

The 2005-06 annual report of the company mentioned that about 48,000 square metres, only one eighth of the Pudumjee's unused land in Pune, had been earmarked for development during 2006-07. It is understood that in the next few months, this already identified land would be developed. The remaining available land would also be developed in a phased manner. The stock (closing price Rs 91 against its book value of Rs 123) recorded a volume of 81,943 shares.

Jayanta Mallick

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