| CENTURION BANK OF PUNJAB |
| Last week's close (Rs) | 24.25 |
| Prev. week's close (Rs) | 23.40 |
| Week's high (Rs) | 27.20 |
| Week's low (Rs) | 23.60 |
| Last week's ave. daily turnover (Rs cr) | 6.32 |
| Prev. week's ave. daily turnover (Rs cr) | 1.75 |
| Number of up/down move | 2/3 |
Centurion Bank of Punjab (CBoP) seems to have caught the interest of institutional investors on the back of plans to acquire unlisted Lord Krishna Bank and its board will soon meet to finalise the value and swap ratio of the deal. | |
| Fidelity Investment Management purchased 76 lakh shares (0.51 per cent stake) in the bank on Tuesday at Rs 25 each. |
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| The acquisition will help CBoP to increase its presence and grab a greater share of the rapidly growing financial services market. This will be the bank's second acquisition in two years. Last year, it acquired Bank of Punjab. The stock has gained 3.63 per cent last week and 16.59 per cent over the last one month. |
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Stock of the week
| STERLITE OPTICAL TECHNOLOGIES | | Last week's close (Rs) | 180.8 | | Prev. week's close (Rs) | 140.03 | | Week's high (Rs) | 183.15 | | Week's low (Rs) | 138.38 | | Last week's ave. daily turnover (Rs cr) | 105.28 | | Prev. week's ave. daily turnover (Rs cr) | 49.64 | | Number of up/down move | 4/1 |
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| Sterlite Optical Technologies surged 29.16 per cent on the announcement of its acquisition of Sterlite Industries Limited's (SIL) power transmission line (PTL) division for Rs 148.51 crore. |
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| The acquisition, which is subject to necessary approvals, will help the company diversify its revenue stream to cater to the high-growth power business. |
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| SIL's PTL division has manufacturing facilities at Silvassa and Karanjwane with a capacity of 75,000 MT per annum and a market share of 45 per cent in the high-voltage power conductors market. |
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| For FY06, the PTL division's revenues of Rs 586 crore and profit before tax of Rs 48 crore will almost double the sales and profits, if added to the financials of the Sterlite Optical. |
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| Sterlite Optical is an integrated manufacturer of optical fibres for the the telecom sector. The company's sales and profit grew 66 per cent and 58 per cent year-on-year to Rs 97.17 crore and Rs 3.32 crore respectively in Q1FY07. |
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