Price on 30/10/97: Rs 25.75
This scrip gained around 24 per cent in the last week on the news that Japanese major Marubeni Finance is close to picking up a 26-per cent stake in this company and an MoU to this effect is expected to be signed soon. The Lalbhai group, which holds a 75 per cent stake in the company, is expected shed its stake in favour of the finance arm of the Japanese conglomerate, Marubeni Trading Corporation.
Analysts say that if this deal goes through, it will attract the provisions of the takeover code and Marubeni will have to make a public offer for a further 20 per cent.