Textiles stocks ride high
Kolkata: Some of the textiles stocks on Thursday smartly moved up on bourses on the news that certain overseas retail chains were planning to source textile products from Indian manufacturers. The Alok Industries and Indian Rayon stocks recorded 52-week highs, while the Raymond, Vardhman Spinning and Mahavir Spinning counters finished in the green.

At close, the Alok Industries counter gained 9.21 per cent, the Raymond counter moved up by 5.76 per cent, Indian Rayon by around one per cent, Vardhman Spinning went up 2.32 per cent and Mahavir Spinning by around 0.78 per cent. The Arvind Mills and Bombay Dyeing stocks, however, were in the red at close despite brisk activity in the respective counters.
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Merger buzz on Titan, Trent
Mumbai: The stock market is abuzz with rumour floating about the merger of two Tata group companies - Trent and Titan. Dealers said the initial talks of the possible merger are being worked out. Main factor, according to dealers, for the possible merger being that Trent is into retailing business and Titan also have its own retail stores spread across the country for watches and jewellery.

With the merger of these companies, the Tata group is contemplating to synergies the retail network and also enhance the shareholders' value. The rise in the stock price of these companies in the last few days was mainly due to this, dealers said. Several institutional investors are also understood to have been accumulating the stock of these companies on the merger possibilities. On Thursday, the stock of Trent closed at Rs 243.95, down 3.71 per cent on the BSE. On the NSE, it closed at Rs 245.65, down 3.80 per cent. Titan stock closed at Rs 108.35, down 4.24 per cent on the BSE and on the NSE it closed at Rs 108.50.
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Pvt placement talk drives up Apollo Tyres
Mumbai: The stock of Apollo Tyres Ltd rallied sharply, coming close to its 52-week high intra-day, on the bourses on Thursday. The stock ended the day at Rs 248.15, up 4.68 per cent with 8.6 lakh shares traded on the NSE. On the BSE, the stock ended the day at Rs 247.05, up 4.24 per cent with 3.87 lakh shares traded.

Brokers said rumours of a private placement at Rs 270 per share have been shoring up interest at the counter. Market sources maintain that only in the eventuality that the management is selling stake, could it be viewed as bringing in some benefits to the company. However, in case there is fresh equity being issued, it would be bad news for the existing shareholders.
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Rupee weakens; g-secs decline
Mumbai: The rupee closed at 45.38 against the dollar on Thursday, slipping by a couple of paise as compared to Wednesday's close of 45.35/36. The domestic currency remained volatile through the day, slipping to touch an intra-day low of 45.4525, after opening at 45.42.
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