Financial Daily from THE HINDU group of publications
Thursday, May 16, 2002
Financial Daily from THE HINDU group of publications Thursday, May 16, 2002 |
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Markets
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Stock Markets Columns - Ear to the ground KEC Intl up on property sale talk
KEC International has been on the rise in recent times on rumours that the company is planning to sell its various properties in the current fiscal valued at over Rs 100 crore. The market talk is that the company is expected to sell its Andheri-Kurla property (in Mumbai) valued around Rs 50 crore and also its Mumbai's KEC Kurla plant worth around Rs 50 crore. A property at Jaipur valued around Rs 10 crore is also expected to be sold by the company. Market players said that the sell-off would help the company partially reduce its debt, which is around Rs 700 crore. The stock price of the company has shown some upward move on these developments over the last week. However, on Wednesday, it was down by 9.32 per cent at Rs 14.60 on the BSE with 1.07 lakh shares being traded. On the NSE, it closed at Rs 14.75, down 8.09 per cent with volumes of 1.03 lakh shares.
ONGC gains on possible gas prices hike
ONGC share prices have been on the rise in the expectation that the company might increase the price of natural gas. Market sources said that there was a possibility of rise in the natural gas prices by around 50 per cent. The current market price of natural gas is around Rs 2,850 per mmscm (million metric standard cubic metres) per day. Analysts said that in case there is a rise in the price, the profitability of the company would be boosted sharply. The rise could benefit ONGC by over Rs 1,000 crore, analysts felt. On Wednesday, ONGC ended 4.65 per cent higher at Rs 372.15 on the BSE and 5.56 per cent higher at Rs 374.60 on the NSE.
Talk of licensing deal lifts Ajanta
THE Mumbai-based pharma company, Ajanta Pharma, seems to be in the spotlight again on rumours of a possible licensing deal for its novel drug delivery system (NDDS) product. Sources in the market say that the company could be close to a deal and is in talks with other drug companies for the NDDS version of the drug Nimeluside. The stock had appreciated in the last one week to gain 24 per cent. However, on Wednesday, it fell by 13.71 per cent to close at Rs 53.50 with 11,487 shares being traded on the BSE. On the NSE, it went down by 11.85 per cent to close at Rs 55 with 15,763 shares being traded.
Virendra Verma
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