indian stock market

Lok Housing & Constructions jumped 6.99% to Rs 107.90 at 11:20 IST on BSE ahead of a board meeting to consider fund raising options from both foreign and local market, including an institutional placement. Meanwhile, the BSE Sensex was down 50.50 points, or 0.30%, at 15203.73. On BSE, 1.86 lakh shares were traded in the counter. The scrip had an average daily volume of 4.74 lakh shares in the past one quarter. The stock hit a high of Rs 115 and a low of Rs 102 so far during the day. The stock had a 52-week high of Rs 390.50 on 1 January 2008 and a 52-week low of Rs 96.25 on 12 June 2008. The scrip had underperformed the market over the past one month till 12 June 2008, falling 26.55% compared to the Sensex's 10.18% decline. It had also underperformed the market in the past one quarter, falling 31.39% compared to Sensex's 3.24% fall. The small-cap housing projects developer has an equity capital of Rs 42.88 crore. Face value per share is Rs 10. The current...

MORGANTOWN: Steel producer and distributor Esmark Inc rejected a $670 million takeover offer from Russia's OAO Severstal on Thursday, calling the bid inadequate and inferior. Esmark's announcement came 24 hours after India's Essar Steel Holdings Ltd. sweetened its offer for the West Virginia company by $80 million, raising its bid to $19 per share, or $750 million. While Esmark's management had endorsed Essar's initial $670 million offer in late April, the United Steelworkers union partnered with Severstal on a counteroffer. Neither Esmark shares , meanwhile, rose 30 cents, or 1.5 percent, to $20.28 on the Nasdaq. A statement from Esmark's board of directors said it was not convinced Severstal could close the deal. The board also decided Severstal's offer was not in the best interests of shareholders and urged them not to sell their shares to the metals and mining company. "We continue to invite bidders, including Severstal, to provide...

Deccan Chronicle Holdings jumped 10% to Rs 120 at 12:48 IST on BSE on market buzz the firm is planning share placement at about Rs 140 each. On Wednesday, 11 June 2008, the stock had risen 7.62% at Rs 108.80. Meanwhile, the BSE Sensex was down 264.85 points, or 1.74%, at 14920.30, hit by the Reserve Bank of India's decision to raise short term interest rates and on weak global cues. On BSE, 7.31 lakh shares were traded in the counter. The scrip had an average daily volume of 68,994 shares in the past one quarter. The stock hit a high of Rs 123.45 and a low of Rs 108 so far during the day. The stock had a 52-week high of Rs 270.10 on 4 January 2008 and a 52-week low of Rs 99.05 on 10 June 2008. The scrip had underperformed the market over the past one month till 11 June 2008, falling 25.78% compared to the Sensex's 9.36% decline. It had also underperformed the market in the past one quarter, falling 28.02% compared to Sensex's 1.12% fall. The mid-cap newsp...

Zenotech Laboratories was locked at upper limit of 20% at Rs 112.95 at 12:43 IST on BSE after Japan's Daiichi Sankyo said it would make an open offer for 20% in the company, following its decision to buy controlling stake in Ranbaxy Laboratories. Meanwhile, the BSE Sensex was up 245.97 points, or 1.65%, at 15135.99, on positive cues from Asian markets and on further fall in crude oil prices. On BSE, 2.45 lakh shares were traded in the counter. The scrip had an average daily volume of 23,298 shares in the past one quarter. The stock hit a low of Rs 96 so far during the day. The stock had a 52-week high of Rs 182.90 on 4 October 2007 and a 52-week low of Rs 72.40 on 24 March 2008. The scrip had underperformed the market over the past one month till 10 June 2008, falling 9.73% compared to the Sensex's 11.69% decline. It had, however, underperformed the market in the past one quarter, falling 6.08% compared to Sensex's 7.68% fall. The small-cap drug maker has...

MUMBAI: Small-sized public issues are increasingly becoming the punter's favourite playing ground. Given the small size of the issues, operators get into the act by cornering a significant chunk of shares, pumping up the price and volumes at the counter, and then dumping them on unsuspecting investors . Market watchers say that, often, the operators are in cahoots with the merchant bankers to the issue and, in some cases, with the promoters of the companies as well. The operation is usually completed in less than a month after the listing of shares. According to market participants, trying market conditions make it difficult for most small-sized companies to raise money from genuine investors. Sensing the opportunity, promoters are approached by market operators and the entire issue management is said to be handed over to the dubious players after agreeing to terms and conditions. Many operators are Ahmedabad-based and have the resources and network to subscribe to...

Most other Indian buyouts at 10-20% premium Shanthi Venkataraman Advertisement BL Research Bureau The 30 per cent premium over the ruling market price that Daiichi Sankyo is paying to buy out the promoters of Ranbaxy Laboratories, may be among the highest paid for such a takeover of an Indian company over the past two years. Acquirers have usually paid a premium of 10-20 per cent over the prevailing market price of the target companies, in recent acquisitions where promoters have shed a majority of their stake. How much more There are not too many instances of Indian promoters parting with their control over a key listed company. Recent instances of Indian promoters cashing out on a big chunk of their holdings include the complete exit of the Burmans from Dabur Pharma and Aztec Software's promoters selling out their stake to Mindtree Consulting. The buyers paid a 20 per cent premium over market pr...

GHCL was locked at upper limit of 20% at Rs 53.75 at 10:36 IST on BSE on reports Middle East based Al Rostamani Group is in negotiations to pick up 25% stake in the company. Meanwhile, the BSE Sensex was up 267.63 points, or 1.82%, at 15160.16, on positive cues from Asian markets and on further fall in crude oil prices. On BSE, 9.92 lakh shares were traded in the counter. The scrip had an average daily volume of 5.01 lakh shares in the past one quarter. The stock had a 52-week high of Rs 208.40 on 24 December 2007 and a 52-week low of Rs 44.30 on 10 June 2008. The scrip had underperformed the market over the past one month till 10 June 2008, falling 47.63% compared to the Sensex's 11.69% decline. It had also underperformed the market in the past one quarter, falling 53.09% compared to Sensex's 7.68% fall. The small-cap chemicals maker has an equity capital of Rs 100.02 crore. Face value per share is Rs 10. The current price of Rs 53.75 discounts its Q4 March ...