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Thursday, August 10, 2000

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IP Rings: Stake hike in pipeline

THE IP Rings stock may continue to show some firm trends with the possibility of a hike in stake by its foreign partner.

The Government has approved the plan of Nippon Piston Ring to raise its stake from 4.99 per cent to 9.99 per cent. This is to be carried out by acquiring the requisite shares (3,52,107 nos) through the secondary market at market prices. Though the exact time-frame for completing this process has not been indicated, there may some speculative interest in the stock which usually attracts thin volumes. Notably, even in the last one month, the stock has gained around 23 per cent moving from Rs. 66 to the pr esent level of Rs. 80. With the possibility of focussed secondary market buying by Nippon Piston, the IP Rings stock may show a firm undertone. -- BL Research Bureau

Related links:
Nipon to increase stake in IP Rings

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