Around 80,000 shares of Bata were picked up by a local institution. Reports that the company has recorded excellent sales growth in its ladies' shoe division seems to have also helped. The stock hit the upper circuit on the BSE at Rs 142.75. Besides, the stock has been on a downward spiral for more than eight month, making it attractive for value-pickers.Sweet gains
The Cadbury stock has shown impressive gains in the last five trading sessions, closing at Rs 842.50 on Thursday on the BSE. However, the trading volume has been low during this period. Rumours have it that the company is likely to report better than expected results during the third quarter of the current year.
Pantaloon gets a retail tinge
With the retailing business catching pace, Pantaloon is perfectly positioned to cash in on it. Within a year it plans to open three more stores which will give it 2,00,000 square feet of retail space.
Its newly opened store at Calcutta saw a stock out at Diwali time, while the one at Crossroads is doing sales of Rs 70 lakh a month. Fund managers are optimistic that the current quarters profit will exceed the entire previous financial years profit. The scrip also hit the circuit, closing at Rs 32.90.
Moving on revamp
As a part of its restructuring deal, Delhi based JCT Ltd is learnt to be in final stages of negotiations with Mitsubishi Chemicals for hiving off a part of its stake in its polyester division. The counter is witnessing huge volumes at Rs 7 per share.
Under market scan
Hyderabad-based Jupiter Orga, in co-operation with Defence Bio-Engineering and Electromedical Laboratory, is developing a cytoscan, which is a cervical cancer detection device. According to brokers, it is in the process of filing a patent for the same in the USA.
-contributed by Deepak Singh Tanwar & Prasant Mahesh
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.