Tuesday, August 30, 2005

Trent spurts


Retailer Trent leaped up 6.8% to Rs 880.10 after the company, in reaction to
media reports, confirmed that negotiations are on with Chennai based books
and gifts retailer Landmark for acquiring the latter. 17,438 shares were
traded in the counter on BSE. Trent has been moving strong since early
August 2005. From Rs 660.90 on 1 August 2005, the stock spiraled up 24.5% to
a lifetime closing high of Rs 823.45 on 29 August 2005. Reports suggest that
Trent will most likely acquire Landmark in what may be a multi-crore deal.
Landmark, currently, owns five stores across Chennai, Bangalore, and
Kolkata, apart from an online offering. The chain has two flagship stores:
one, a 37,000 sq. ft. store at Spencer Plaza in Chennai, and the other,
45,000 sq.ft. at Forum Mall in Bangalore. For Trent, the taking over of
Landmark will complement its current offering of apparel and home
accessories. Trent is driving to aggressively expand its Westside department
stores and Star Bazaar hypermarkets to make good of the retail boom in the
country. Trent currently manages 16 Westside stores across the country.
Trent began its apparel-retailing venture under the Westside brand with the
launch of a store in Bangalore in 1998. Since then, the company has grown
considerably with the addition of more stores in different cities. Star
India Bazaars sell a wide range of household items, grocery, food and
beverages, health and beauty products and electronic gadgets at discounted
prices.

Market firms up further; RIL edges up


The market made further ground in mid-morning trade following an upbeat
trend in index heavyweights such as Reliance Industries, State Bank of India
(SBI) and ICICI Bank. SBI moved up after its Chairman A K Purwar said the
bank proposes to acquire a few banks overseas in 6-8 weeks time. Auto stocks
slipped on fears that a hike in retail prices of petrol and diesel is
imminent following a sharp surge in the global crude oil prices. The market
breadth was strong. Gainers outpaced losers by a ratio of 2.7:1. However,
the breadth weakened a bit compared to early trade when there were more than
3 gainers for every loser.
A stock split was effected in Hindalco today. Sugar major Bajaj Hindustan
surged after the company acquired the promoters’ 55% stake in Pratappur
Sugar. Side counters like like Elnet Technologies, Indian Card Clothing,
Jindal Drilling, Jain Studios, Hitachi Home Appliances, Pudumjee Pulp, Wim
Plast, Assambrooke, Gujarat Mineral Development Corporation, Madhav Marbles,
Jain Irrigation, Ginni Filaments, Camlin, Hind Rectifiers, Shree Cement, and
Zicom Electronic Security surged. But select stocks slipped on profit
taking. Stocks like Flex Industries, Biopac India, Ferro Alloys, Rolta
India, Ind-Swift, India Glycols, and Mangalore Chemicals slipped. Some of
these stocks had spurted in the past few days.
At 12:31 IST, the Sensex was up 109 points at 7,743. The S&P CNX Nifty was
up 28.65 points or 1.2% to 2,366.30. A recovery in global markets and a fall
in oil price from a record high of above $ 70 a barrel triggered a rebound
on the domestic bourses today. A weak rupee boosted IT stocks. Satyam
Computer rose 3.3% to Rs 517.35, Infosys gained 2.3% to Rs 2,345, Wipro rose
1.6% to Rs 357 and TCS gained 1.6% to Rs 1,376. The Indian rupee eased past
the 44-per-dollar mark for the first time since 10 January on growing
concerns that costly crude would widen India's record trade deficit further.
Leading technology firms derive two-thirds of their revenue from exports.
SBI gained nearly 2% to Rs 787.80. 3.3 lakh shares. SBI which has acquired a
bank in Mauritius proposes to acquire a few banks overseas in 6-8 weeks
time.
NTPC gained 2.4% to Rs 101.55, and HDFC gained 2.8% to Rs 894. FMCG pivotals
held firm. FMCG major Hindustan Lever gained 2% to Rs 165, and cigarette
major ITC gained 1% to Rs 1,718. RIL gained 1.2% to Rs 708.95 even as the
company said there was no proposal before the board for acquisition of a
unit of British Petroleum.
Tisco rose 1.5% to Rs 390 after the company on Monday said it signed an
agreement with Nippon Steel Corporate to get technical assistance for its
proposed 6-million tonne steel plant in Orissa. The Japanese company will
help Tata Steel with the planning and layout for the plant. Pharma pivotals
recovered after Monday’s late sell-off. Dr Reddy’s Laboratories gained 1.8%
to Rs 790, Cipla rose 0.8% to Rs 345 and Ranbaxy gained 0.6% to Rs 523.

Bajaj Hindustan gains on acquisition of Pratappur Sugar


Sugar major Bajaj Hindustan jumped 5% to Rs 198.30 after the company said it
has agreed to acquire the promoters’ 55% stake in Pratappur Sugar and
Industries

Himatsingka Seide surges on bonus plans


Himatsingka Seide jumped 9% to Rs 624 after the company said its board will
consider stock split and bonus proposals.

Pudumjee Pulp flips up gains on proposal to develop surplus land


Pudumjee Pulp moved higher for the second consecutive day as the company
said its board will meet on 5 September 2005 to decide on a proposal
concerning the development of surplus land at Pune and the commencement of
real estate business along side.

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