Markets at a glance

TRADING DESK

Last week's close (Rs)

246.92

Prev. week's close (Rs)

217.85

Week's high (Rs)

253.70

Week's low (Rs)

218.03

Last week's ave. daily turnover (Rs cr)

8.03

Prev. week's ave. daily turnover (Rs cr)

2.56

Futures close

NT

Number of up/down move

4/1

Eastern silk Industries has underperformed the market for a long time. But in the past one week ending Friday, the stock has appreciated 12 per cent with volumes of 3.1 lakh shares which is 7 times over the previous week.

Apparently, the company is looking at a private placement of Rs 120 crore to fund the setting up of new factory in Bangalore and also for modernisation of the existing facilities.

The stock is one of the favourite pick among the domestic mutual funds like SBI Magnum midcap fund, Merrill Lynch Capital Markets and Standard Chartered holding about 5.59%, 4.5% and 4.88% respectively.

In FY05, the company merged two entities namely Sstella Silk Limited and Eastern Jingying Ltd taking its outstanding number of shares to 1.35 crore.

Stock of the week

Gujarat Ambuja Cement
With talks of the finalization of the take-over deal by Holicim, Cement major Gujarat Ambuja Cement was among the biggest gainers last week. Strong despatch numbers for November saw the stock gaining 9.47 per cent this week to close at Rs 87.30. Volumes too kept track of the rise in price.

The first movements in the scrip were seen when the company reported a 4% increase in its November despatch-figures. It sold 10.51 lakh tonnes of cement during the month against 10.10 lakh tonnes a year ago.

However, the big spike in prices came after rumours that talks over the transfer of the 24 percent in the company held by the Sekhsaria and Neotia families to the world's second largest cement company are in their final stages.

However, the company officials from Gujarat Ambuja Cement and Holchim denied any comment on the issue.