Buyback, bonus to guide
Novartis & Asian Paints stocks could attract market attention this week. The board meeting of Novartis is held on Monday to consider accounts and buy back of shares. The modalities of the buy back offer along with the announcement of financial performance could lead to heightened market interest in this stock. Similarly, Asian Paints is holding its board meeting on May 28 to consider accounts and issue of bonus shares. The stock could see some buoyancy after the board meeting.
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Harshad's ACC shares may cause ripples
Mumbai: A block of shares, formerly owned by the deceased stockbroker Harshad Mehta and representing nearly 12 per cent equity capital of Associated Cement Companies (ACC), is likely to create unprecedented situations when put up for sale soon.
The sale has the potential to cause a few ripples in the cement sector and cause some anxiety to the Gujarat Ambuja group, the single largest shareholder in the cement major. The Office of the Custodian, which now owns the block of shares, is planning to put it up for sale as soon as the Special Court allows it, sources said. The Gujarat Ambuja group owns a shade under 15 per cent - a threshold that triggers SEBI's takeover code for an open offer — of ACC's equity capital
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Nasdaq keen to list more Indian cos
Hyderabad: The Nasdaq Stock Market Inc, one of the three stock exchanges in the US along with the New York Stock Exchange (NYSE) and the American Stock Exchange, is in talks with several Indian companies. The companies, including a few Hyderabad-based firms in the software services and pharma sector, are looking at a possible listing on the US-based stock market, according to Patrick Sutch, managing director, Nasdaq, Asia Pacific. Speaking to a select group here on Sunday, Sutch said that about 150 Indian companies have taken to reporting under the US GAAP norms with the primary objective of possible listing options in the US market to raise funds through American depository receipts (ADRs). "However, given the current market conditions, they have adopted a wait-and-watch policy and we expect at least about 30 Indian firms to list in the next two years," he said.
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