Heard on the Street
Rumours of a buyback have been propping up the share price of Aurobindo Pharma over the past one week
By ET Bureau |
Buyback rumours push up Aurobindo
Rumours of a buyback have been propping up the share price of Aurobindo Pharma over the past one week. As per market talk, the Hyderabad-based pharmaceutical company is going ahead with its proposal to buy back shares up to 8% of the company���s networth. ���The company was a bit unsure about Sebi allowing the buyback as it would increase promoter���s holding in the company. They had even sought legal opinion on this matter,��� an equity analyst said.
As on March 2008, the promoters of Aurobindo Pharmaceuticals hold 55.27% in the company. Despite repeated attempts company officials were not available for comment and an email sent to the company remained unanswered. Aurobindo Pharmaceuticals has risen 4.3% over the past one week. Since the beginning of this week, institutional investors have been accumulating shares of the company in large numbers. Aurobindo Pharma ended 1% lower at Rs 327 on the BSE on Thursday. About 1.3 lakh shares exchanged hands on the bourses during the day.
BSE in a tight spot
Asia���s oldest stock exchange is in the news for all the wrong reasons. Two of its board members, including the chairman, resigned at one go fuelling speculative (read conspiracy) theories. The abrupt exodus has left the Bombay Stock Exchange in a tight spot.
Both, the chairman and shareholder directors, are appointed by the Securities and Exchange Board of India (SEBI) and the exchange can now only wait and hope that the regulator comes to its rescue in quick time.
HSBC's Bangladesh operations
The word is out that Sanjay Prakash, head of HSBC Asset Management, is moving on from his current assignment, to head the Bangladesh operations of HBSC Bank. Mr Prakash was a part of the team that set up the asset management arm of India five years ago.
(Contributed by Shailesh Menon, Ashish Rukhaiyar & Gaurav Pai)
Rumours of a buyback have been propping up the share price of Aurobindo Pharma over the past one week. As per market talk, the Hyderabad-based pharmaceutical company is going ahead with its proposal to buy back shares up to 8% of the company���s networth. ���The company was a bit unsure about Sebi allowing the buyback as it would increase promoter���s holding in the company. They had even sought legal opinion on this matter,��� an equity analyst said.
As on March 2008, the promoters of Aurobindo Pharmaceuticals hold 55.27% in the company. Despite repeated attempts company officials were not available for comment and an email sent to the company remained unanswered. Aurobindo Pharmaceuticals has risen 4.3% over the past one week. Since the beginning of this week, institutional investors have been accumulating shares of the company in large numbers. Aurobindo Pharma ended 1% lower at Rs 327 on the BSE on Thursday. About 1.3 lakh shares exchanged hands on the bourses during the day.
BSE in a tight spot
Asia���s oldest stock exchange is in the news for all the wrong reasons. Two of its board members, including the chairman, resigned at one go fuelling speculative (read conspiracy) theories. The abrupt exodus has left the Bombay Stock Exchange in a tight spot.
ADVERTISEMENT
The exchange needs to have its annual accounts (2007-2008) signed by the chairman before the next board meet that is not very far. With the chairman gone, the exchange is now left wondering who will sign the accounts. The fact that BSE has little role to play in this whole issue has further aggravated the matter. Both, the chairman and shareholder directors, are appointed by the Securities and Exchange Board of India (SEBI) and the exchange can now only wait and hope that the regulator comes to its rescue in quick time.
HSBC's Bangladesh operations
The word is out that Sanjay Prakash, head of HSBC Asset Management, is moving on from his current assignment, to head the Bangladesh operations of HBSC Bank. Mr Prakash was a part of the team that set up the asset management arm of India five years ago.
ADVERTISEMENT
He however started his career in finance, as a banker with ANZ Grindlays Bank (now Standard Chartered Bank). So a move to HSBC Bank is actually a return to roots for a man, who was the chief operating officer at HSBC AMC before moving on to head it. (Contributed by Shailesh Menon, Ashish Rukhaiyar & Gaurav Pai)
ADVERTISEMENT
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
