From THE HINDU group of publications
Sunday, October 29, 2000


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Gesco Corp surges on open offer

K.S. Badri Narayanan

Sterlite: The proposal to buy back the company's shares has triggered a strong rally in this counter. Sterlite finished the week at Rs 156.45 (Rs 125.60). However, the details of the buy-back proposal will be known only in the ensuing EGM.

Gesco Corporation: An enhanced open offer at Rs 27 from the Renaissance group and the counter-offer plans by the company for a buy-back, have evoked good response for the stock. It closed on a firm note at Rs 34.45 (Rs 23.65).

Bajaj Auto: The wage row with its employees, which forced the company to lower its production target, has sent negative signals. This coupled with the lacklustre performance of the company in the second quarter has affected the share price, which skid to Rs 265.35 from Rs 293.05.

Mindteck (India): The stock ended on a strong note at Rs 78.05 (Rs 69.40). The proposed acquisition of the US-based company, Infotech Holdings Inc, and subsequent preference offer to the latter's shareholders at a premium of Rs 110 as a consideration, may have helped score smart gains.

Grasim Industries: This is the only stock from the cement sector to have ended on a firm note. It closed the week at Rs 202.40 (Rs 183.90). The rise in value ought to be viewed in the light of the decision to merge Dharani Cements with itself and a relatively good second quarter performance.

Ashok Leyland: A buy-back proposal, at a price not exceeding Rs 60 per share, has induced a positive sentiment in this stock. It finished the week on a firm note at Rs 47.55 (Rs 40).

PentaMedia Graphics: The stock finished on a strong note at Rs 352.85 (Rs 341.95), after touching a low of Rs 322.95. The company's decision to acquire the Nasdaq-listed Film Roman Inc in an all-cash deal could have triggered a rally in this stock.

Coates of India: It finished on a firm note at Rs 118.75 (Rs 114.55). Coates' decision to hive-off its adhesive division in favour of Bostik India Ltd could have triggered a rally.

Ranbaxy Laboratories: Despite a decline in its Q2 net profit by 32 per cent, the stock displayed a firm trend. Though the bottomline was affected, the improvement in profitability appears to have helped the stock close at Rs 703.30 compared to the previous weeks's close of Rs 643.80.

Aptech: A good Q2 performance coupled with its announcement of further acquisition plans in the US have triggered a strong rally in this stock. Aptech finished the week at Rs 430.90 (Rs 359.10).

Aurobindo Pharma: The proposed acquisition of Sri Chakra Remedies, which will strengthen the company's domestic bulk drugs market, was well received in the market. The stock closed the week at Rs 399 (Rs 330.35).

Silverline Technologies: The scrip recovered from a low of Rs 283.30 to close at Rs 320.80 (Rs 301.65). The acquisition of Nasdaq-listed SeraNova for $99 million could have infused positive sentiment towards the company.

Infotech Enterprises: The stock recovered to close at Rs 214.50 (Rs 216.35) from a low of Rs 198.10. The revival of fortune may be due to the company's decision to acquire the German-based software and services company, Advanced Graphics Software GmbH.

Section  : Markets
Previous : How the broad market indices and
           industry-wise indices moved during the week
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