Heard on the Street
Reliance Industries was abuzz on the bourses on Thursday post its 34th annual general meeting.
By ET Bureau |
The Roman god at the gates of RIL
Reliance Industries was abuzz on the bourses on Thursday post its 34th annual general meeting. Nearly 19 lakh shares changed hands even as the stock gained around 1% to close at Rs 2,281.75. According to market buzz, a leading foreign institutional investor that shares its name with a Roman god was seen building up sizeable positions in India���s largest private sector entity.
Interestingly, this is not the first time that this FII has shown its preference for RIL. At the peak of the shareholding shift in Reliance Industries in 2005 (due to Reliance Group demerger), this FII that has been investing in India since 1996 nearly halved its holding in RIL from 2% to 1%. Incidentally, this FII after whom the month of January has been named is also said to be quite active in the metal counters.
Indonesian boost for Indsil Electrosmelts
A bearish market sentiment notwithstanding, Indsil Electrosmelts has been moving up steadily on the bourses. According to market talk, interest in the stock has gone up post its recent joint venture with GoodEarth group to jointly operate mines in Indonesia. Indsil is holding about 25% stake in the JV and the mining operations are likely to start in the next few weeks.
The joint venture would form a 100% subsidiary in Indonesia to operate the mine and sell manganese for captive usage. Surplus material would be marketed across the globe. The company has posted an EPS of about 12 for the nine months ending March 2008. Analysts expect the company to report an EPS of about Rs 18 for 12 months ending June 2008. The stock closed at Rs 86, locked at the upper circuit of 5%. It has gained about 15% in the last one month.
(Contributed by Ashish Rukhaiyar & Apurv Gupta
Reliance Industries was abuzz on the bourses on Thursday post its 34th annual general meeting. Nearly 19 lakh shares changed hands even as the stock gained around 1% to close at Rs 2,281.75. According to market buzz, a leading foreign institutional investor that shares its name with a Roman god was seen building up sizeable positions in India���s largest private sector entity.
Interestingly, this is not the first time that this FII has shown its preference for RIL. At the peak of the shareholding shift in Reliance Industries in 2005 (due to Reliance Group demerger), this FII that has been investing in India since 1996 nearly halved its holding in RIL from 2% to 1%. Incidentally, this FII after whom the month of January has been named is also said to be quite active in the metal counters.
Indonesian boost for Indsil Electrosmelts
A bearish market sentiment notwithstanding, Indsil Electrosmelts has been moving up steadily on the bourses. According to market talk, interest in the stock has gone up post its recent joint venture with GoodEarth group to jointly operate mines in Indonesia. Indsil is holding about 25% stake in the JV and the mining operations are likely to start in the next few weeks.
The joint venture would form a 100% subsidiary in Indonesia to operate the mine and sell manganese for captive usage. Surplus material would be marketed across the globe. The company has posted an EPS of about 12 for the nine months ending March 2008. Analysts expect the company to report an EPS of about Rs 18 for 12 months ending June 2008. The stock closed at Rs 86, locked at the upper circuit of 5%. It has gained about 15% in the last one month.
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(Contributed by Ashish Rukhaiyar & Apurv Gupta
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