Speculation over Welspun Gujarat-MSK Projects
TALK of Welspun Gujarat Stahl Rohren looking to buy MSK Projects refuses to die despite the latter denying it. Grapevine has it that discussion between Welspun and MSK for the deal is in the final stage and will be announced soon. It is also speculated that MSK promoters are likely to offload their stake at Rs 140 a piece, followed by an open offer to buy another 20% from minority shareholders.
On Thursday, MSK shares fell 3% to Rs 120.65. Welspun shares fell 1% to Rs 279.50. Promoters hold 21.68% in MSK, while Subhkam Venture holds 23.66%, as on September 30. MSK officials were not available to comment on the matter.
Mid-cap cement stocks back in demand
INVESTORS took a fancy to midcap cement stocks on Thursday on talk that cement prices were likely to firm up soon. Stocks like Binani Cement, Andhra Cement, Saurashtra Cement, Dalmia Cement, Shree Cement and Prism Cement were among the prominent gainers, rising between 3-6 %.
Analysts tracking the sector say fund houses have been steadily buying cement shares in anticipation of further growth in the construction sector. According to them, many cement companies are set to increase prices further, sensing good demand in the residential property segment. Indian cement industry is witnessing a growth rate of about 8%, the fastest growing market next to China.
Satyam Computer basks in IT glory
SHARES of Satyam Computer are seeing a renewed burst of activity. Probably, strong quarterly numbers from Infosys Technologies could have raised expectations from other leading IT services companies as well. On Thursday, a US-based investor is said to have bought close to 30 lakh shares. Some of the bull operators too are said to be steadily building up long positions at the counter.
Dealers tracking the counter say the rise in the stock price from hereon may be a bit gradual, since many players who are tired of holding on to the stock may decide to cash in. The stock had touched a high of Rs 128 in September last year, but has been moving in a narrow band ever since. On Thursday, the stock closed at Rs 120.85, up 1.2% from the previous close. On the BSE, 1.23 crore shares changed hands, with roughly a fourth of it resulting in delivery.
Contributed by Nishanth Vasudevan & Apurv Gupta
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Src: ET