Securities and Exchange Board of India (Sebi) has exempted a promoter of Geologging Industries Ltd from making a public offer for acquiring 18.01 per cent equity holding in the company from foreign technical collaborator Geoservices Inc. The exemption follows Sebi takeover panel recommendation that the proposed inter se transfer of shares amongst the promoters be granted exemption, Sebi said in a release on Monday. The promoter Manoranjan Sahu has proposed to acquire 9,05,100 equity shares of Geologging.

Wockhardt's valuations to improve

The recent price revisions announced by NPPA, the Merind takeover and better margins post de-merger should enhance Wockhardt's growth prospects, thereby warranting a re-evaluation of the stock. The stock has already seen a sharp rally as a result of which it zoomed from Rs 285.2 to a high of Rs 544. The stock is currently in the consolidation phase and has some more steam left.

Zinc prices bode well forproducers

The hardening prices of zinc in the international market should buoy stocks of companies like Hindustan Zinc, Binani Industries and Indo-Zinc, who will reap the benefits of improved margins. From $ 933 per tonne in January 1999, the international price of zinc has risen to $ 1192 mainly due to improved demand from the United States and Japan. Tailing the international price trends, the domestic price of zinc is likely to move up, which augurs well for Indian producers.

Two ex-presidents in fray for CSE polls

With the filing of nomination papers by two former presidents, a high-level drama in the coming polls to the committee of the Calcutta Stock Exchange appears imminent. Four other high-profile members of the exchange are in the fray for the three vacancies to be created after the retirement of vice-presidents Vivek Mahajan, Mahesh Bajaj and Girish Mehta on September 20.

IDBI delivers RCL shares

Industrial Development Bank of India (IDBI) has delivered 1,68,926 sharesof Raasi Cement Ltd (RCL) to the two investment companies of Indian Cements Ltd, under an agreement for sale entered into on June 1, 1998. The delivery of the shares, sold for Rs 300 per share, was effected following receipt of the entire amount of consideration.