05 November 2009

Morning Stock Views (05.11.09) - ET

Heard on the street

Buzz on renewal of truck JV lifts Force


Shares of Force Motors have been gaining, of late, on talk that the bus and truck maker’s joint venture with Europe’s third-largest truck and bus manufacturer MAN Nutzfahrzeuge AG of Germany postponed indefinitely in November 2008, is back on track. The stock closed at Rs 223 on Wednesday, and has gained 31% over the past one month.

Young Turk comes into his own as an operator

The younger brother of an extremely low profile, but powerful broker to leading market operators during the late 90s till early 2001, now appears to be coming into his own as an operator. The young Turk, who shares his first name with a Bollywood thespian renowned for his tragedy roles, had been running the family broking operations, after the untimely demise of his elder brother in 2001, in very much the low key style of the latter. During the meltdown in the past couple of weeks, the Turk is said to have reaped a tidy profit by virtue of his short positions in many frontline counters.

Mediaone buyout hunt in Europe gets HNIs’ attention

A few high net worth investors (HNIs) have taken interest in Chennai-based Mediaone Global Entertainment. The buzz is that the company, currently engaged in the exhibition, distribution, production of TV programmes and movie production businesses, is looking to acquire a Europe-based company engaged in production, distribution of Hollywood movies.

The stock closed at Rs 145, flat over its previous close. Grapevine has it that the acquisition will be done by its UK’s wholly owned subsidiary. A senior company official declined to comment on the matter, but said the firm “keeps looking at organic and inorganic growth opportunities”.

Faced with bear hug, co plans PR mission

The relief rally on Wednesday brought no solace for one of the Nifty companies, which continued to be under pressure. The buzz is that the company’s corporate communication team has been frantically calling up equity analysts, and offering to provide any “clarification” that they wanted on the company’s financials.

AK Sridhar may head to lead BoB legal team

AK Sridhar, CEO and head of investments, UTI International Singapore, is learnt to have put in his paper. He is tipped to be headed for BoB Legal & General, the life insurance JV of Bank of Baroda.

Contributed by Deeptha Rajkumar, Apurv Gupta, Santosh Nair and Mayur Shetty


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