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Heard on the Street


Ashapura hits circuit filter on creeping acquisition buzz

Small-, and mid-cap stocks seem to be the flavour of the season. Trading in one such stock, Ashapura Minechem, was frozen at the upper end of the intra-day circuit filter on talks of a creeping acquisition by the company’s promoters. The shares closed 5%, up at Rs 72.5 on large volumes of 13.5 lakh shares, in a sluggish market on Wednesday.

Interestingly, the spurt in the stock was recorded on a healthy delivery ratio (percentage of shares delivered to total volumes) of 82% on BSE. The trigger, according to market sources, was fresh open market acquisitions by one of the company’s promoters whose combined holding stood at 43% as on September 30, 2009.

In a block deal transacted on Wednesday, the promoter bought 9.5 lakh shares at Rs 69.7, the intra-day low for the stock. Around 1.2% stake was acquired from the company’s foreign JV partner Volclay International Corporation, which held a 21.1% stake as on September-end.

Dec F&O series expiry comes as relief to option traders

Some option traders are heaving a sigh of relief, with the December futures and options series expiring on Thursday. These traders had aggressively sold or written Nifty 5200 December Calls, hoping that the index would not cross this level anytime this expiry. Brokers said Call writers aggressively sold these contracts, when the premium was at Rs 70-80.

As the Nifty hovered under the 5200-mark in many of the past sessions, these traders were jittery that any sharp upmove could result in premium also rising sharply. Such concerns were especially around the past prolonged weekend, when a section of the market predicted a breakout at 5200, led by global market strength. But that did not happen. With the contracts expiring on Thursday, these option writers hope to pocket the entire premium.

(Contributed by Vijay Gurav & Nishanth Vasudevan)

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Heard on the Street

Heard on the Street

TIL is back on HNIs’ radar as co lines up infrastructure projects

Touted as a fundamental play, TIL shares are back on the radar of some high net worth individuals, who have been accumulating the stock. The scrip, which has gained 18% over the past month, jumped 4% on BSE on Tuesday to close at Rs 348.60.

The company has clocked an earning per share of Rs 12.53 for the half year-ended September. With many infrastructure projects on the anvil for 2010, companies in this segment are expected to gain traction, say analysts. TIL’s principal activities are manufacturing and market heavy engineering equipment used in the infrastructure sector. The firm operates in three segments: construction and mining solutions, power system solutions and material handling solutions.

Bull on a value hunt laps up NHPC despite its poor show

Most investors burnt their fingers subscribing to the initial public offering of state-owned NHPC. After briefly topping its issue price on listing, the stock has been languishing below that mark ever since. Of late, a Rar(e)ing Bull appears to have taken a fancy for the stock.

In the past couple of trading sessions, the Bull is said to have accumulated over 25 lakh shares. It is not clear if he is merely scouting for value, or whether he is anticipating some favourable policy announcement that could benefit the company.

Talk of agro-chem joint venture with MNC lifts Astec Lifesciences

Astec Lifesciences has come on the radar of operators yet again. The buzz in the market is that Astec is planning to enter into a joint venture with a multinational company to expand its agro-chemical product profile. The joint venture, if it materialises, is expected to give a booster shot to the profit and turnover margins of Astec Lifesciences.

According to analysts tracking the company, Astec has been looking for technology support partners to grow its R&D and pharmaceuticals business. “The company could tie up with some research agency or a foreign company to grow its business verticals. A full-fledged JV for product development looks very unlikely at the moment,” said an analyst tracking the company. Shares of Astec Lifesciences ended 0.3% higher at Rs 82.35 on BSE on Tuesday.

(Contributed by Deeptha Rajkumar, Santosh Nair & Shailesh Menon)



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op 5 picks of the day I Mid-term picks

• Are we in for another bull run?
• Nifty support may come at 5120-5080
• Small companies reward their followers in 2009

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Src: ET