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Drumbeat: Ad Buzzaar
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Tuesday, May 26, 1998
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Indal sweepstakes
Indal shareholders can hardly believe their luck -- the scrip, ruling at Rs 60 three months ago, is now being offered a phenomenal Rs 221. Takeovers, especially contested takeovers, have proved to be a bonanza for shareholders of target companies. There is no reason why they shouldn't cash in on the opportunity, and sell out to the highest bidder.
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Test of confidence
The country's sovereign rating has been changed by Standard and Poor (S&P) from stable to negative within the space of a week. One interpretation could be that S&P is fickle. But the stable rating was an implicit one in the context of NTPC whose fortunes smiled following the ordinance on power tariffs which, however, is now to be diluted.
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Trying times for paint segment
After a sluggish growth in the late 1980s and early 1990s, the paint industry has grown at a fairly rapid clip. Thanks largely to a breakdown in the high excise regime and a boom in the end-user industries. For example, the excise-duty levels, which were at a high of 40.25 per cent in 1992-93, were subsequently reduced to 20 per cent.
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SmithKline Beecham on a roll
The shareholders of SmithKline Beecham Pharmaceuticals (SBPI) are a happy lot. The reasons are not far to seek. While the stock price has appreciated by more than 200 per cent in the last 12 months, the shareholders have also been rewarded with a bonus issue (1:1 ratio) recently. The improvement in the stock price was not without a reason.
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