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SAW
pipes companies' shares cheery
Mumbai: The share price of SAW (submerged arc welded)
pipes-making firms has gained well in the last one month
thanks to a good order position. Analysts say the recent
discovery of gas finds and oil discoveries provides good
potential for the industry. The export market also gives
big boost. SAW pipes are mainly used for transportation
of oil and crude. This method of carrying costs less than
that through road or rail wagon. The companies whose stock
prices have gained include, Saw Pipes, Man Industries
and Welspun-Gujarat Stahl Rohren. Since the beginning
of June, the stock price of Saw Pipes increased from Rs
105 to Tuesday's closing price of Rs 153.55 on the BSE,
a gain of 46 per cent. Man Industries stock price has
gained 92 per cent from Rs 31.20 to Rs 60. The company's
stock was locked in the 20 per cent upper circuit on Tuesday
after a leading domestic broking firm came out with a
buy on the stock. The stock price of Welspun Gujarat has
also increased from Rs 10.6 to Tuesday's closing price
of Rs 20.95, a gain of 97 per cent in just one-month period.
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BSE,
regional stock exchanges plan alliance
Chennai: On 5 July the Bombay Stock Exchange (BSE)
and a few regional exchanges will meet in Kochi to decide
on a possible alliance, thereby clearly demarcating the
system into the National Stock Exchange (NSE) and the
rest. Events unfolded rapidly over the last couple of
months to bring about a situation, where the BSE is working
on the shape of alliance with regional exchanges, says
P J Mathew, executive director, Madras Stock Exchange
(MSE). A couple of months ago, a handful of South India-based
exchanges tried to cobble an alliance termed as Indonext
to pool their resources in order to offset a significant
loss in business over the last few years.
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Sundaram
Select Mid Cap offers Rs 2.50 dividend
Chennai: Sundaram Select Mid Cap, an equity fund
launched by Sundaram Mutual, has declared a maiden dividend
of Rs 2.50 per unit of Rs 10 face value. The scheme was
launched in July 2002. The record date for the purpose
of dividend of the scheme was June 27. A Sundaram Mutual
media release said that the scheme had given an absolute
return of 29.76 per cent since inception.
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Principal
Mutual Fund to buy out Sun F&C
Mumbai: Principal Mutual Fund, which recently acquired
full control of its asset management company by buying
out its joint venture partner IDBI for about Rs 90 crore,
says it has reached an agreement with Sun F&C mutual
Fund to take over and manage its schemes in India. Principal,
which currently has assets worth about Rs 2,300 crore
under management, will take over about Rs 500 crore in
assets managed by Sun F&C and a retail client base
of over 70,000 investors. The valuation of Sun F&C
was not available. Enam Financial Consultants Pvt Ltd
advised the Sun group in structuring the deal.
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i-flex
board says yes to 1:1 bonus issue
Bangalore: The board of i-flex Solutions has decided
not to proceed with stock split and approved issue of
bonus shares in the ratio of one new share for every share
held, the company said in a statement to the Bombay Stock
Exchange. The i-flex board also raised the limit for foreign
institutional investors under portfolio investment scheme
to 60 per cent of the paid-up capital from 24 per cent
at present. The company is holding its annual general
meeting on July 31 to seek shareholders' approval for
the bonus issue and raising the overseas investor ownership
limit. It will also seek the AGM's enabling approval for
sponsored and/or fresh issue of American depository receipts/Global
depository receipts or combination thereof, the statement
said.
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Indian
Rayon stock touches five-year high
Kolkata: The Indian Rayon stock on Tuesday attracted
substantial all-round buying interest, mainly from institutions.
The stock touched its five-year high on rerating jig.
Dealers say the buy orders poured in from mutual funds,
FIs and FIIs. Two well-known investors are also reported
to have bought the stock on Tuesday. After touching the
day's high of Rs 154.70, the stock closed at Rs 150.95
(Rs 128.95) on the Bombay Stock Exchange. The traded quantity
in the counter shot up to 8.66 lakh (3.54 lakh) shares
on the BSE. On the National Stock Exchange, the volume
increased to 12.76 lakh (8.18 lakh) shares.
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