Insilco surges on open offer proposal
Insilco zoomed to an intra-day high of Rs 16.25 today before closing 12.77 per cent higher at Rs 15.45 on buying interest following reports that German company RAG Beteilligungs-GmbH has proposed to make an open offer to acquire a 20 per cent stake in the company.
The stock witnessed a relatively higher volume of 1.54 lakh on the Bombay Stock Exchange (BSE). The stock is not traded on the National Stock Exchange (NSE).
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RAG Beteilligungs-GmbH has made an open offer for 20 per cent of the outstanding fully paid-up equity capital of Insilco, aggregating to 1,25,43,000 shares of Rs 10 each, (after considering conversion of outstanding partly convertible debentures due on February 23, 2003) at Rs 16.08 per share, payable in cash, which is still at a premium of 5.8 per cent to the current trading price.
RAG Beteilligungs-GmbH will also pay interest at the rate of 10 per cent per annum as directed by the Securities and Exchange Board of India (Sebi).
Bleak Q2 numbers puncture Escorts
The share price of Escorts on Friday slipped more than two per cent to close at Rs 47.75, following the poor second quarter results of the company.
The stock of the diversified company notched up a volume of 51,223 shares on the BSE and 62,417 shares on the NSE. For the second quarter ended September 30, 2002, the third largest tractor manufacturer in India witnessed a surge in its losses at Rs 40.32 crore compared with a loss of Rs 26.95 crore in the corresponding period last year.
Total income increased 31.2 per cent to Rs 221.53 crore from Rs 168.75 crore in the second quarter of 2001.
Poor monsoon and the huge inventory pile-up with dealers resulted in the show.
It is felt that till the stockpile of inventory with dealers is dealt with (brought down) and demand for tractors picks up, the company