Cash scrips generate buying interest
FE INVESTOR BUREAU
NEW DELHI, January 13: Despite the fall in sensex, many scrips in B1 and B2 categories have been on the rise in the last four trading sessions on company specific reasons. Some of them have been rising on account of a good yield on the basis of handsome dividend payouts by the companies.For instance, the scrip of Ansal Properties has been on the rise in the last four trading sessions - up from Rs 16 to Rs 19 mainly on account of a dividend of 26 per cent for the year 1996-97. The company, as on date, has over 35 real estate development and construction projects (both domestic and overseas) on hand and under execution, aggregating Rs 2500 crore. As part of its diversification plan, the company has invested in the hotel industry and acquired a 23 per cent stake in a five star hotel under construction in New Delhi. This hotel is likely to be commissioned by the third quarter of 1998. Another scrip on the rise is that of Modiluft. The scrip started its northward movement on December 5 when it was trading
at Rs 3.40. After December 5, 1997, the scrip saw a sudden spurt in the average daily volume to 1200-1500 against 100-200 earlier. The scrip touched a high of Rs 8.20 on December 31 after which it witnessed a minor technical correction. However, the scrip has bounced back from Rs 5.40 to Rs 6.60 in the last three trading sessions with the volume zooming to 14,800 on Monday. The sudden interest in the scrip is on account of FIPB clearing ModiLuft's proposal to raise $50 million through a preferential share issue. The proceeds of the issue will be utilised towards acquisition of aircraft on an operating lease basis initially and later on switching over to wet lease. ModiLuft recently tied up with Speedwings of British Airways for consultancy services. The scrip of Zodiac Clothing has gone up from Rs 37 to Rs 41.50. Zodiac Clothing had reported a 40 per cent increase in net profit at Rs 2.25 crore during the half year ended September 1997.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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