Punjab Tractors extends gains

DALAL STREET SPIKES

Punjab Tractors was the second best performer in the A group, rising 11.2 per cent to close at Rs 342.6 on volumes of over 4.9 lakh, as it extended its dream run for the second day in a row.

Followed by Mahindra and Mahindra's intention of buying 43.5 per cent stake in Punjab Tractors, currently held by Actis (29 per cent) and the Burman family (14.5 per cent), even the Rajan Nanda-controlled Escorts is eyeing a stake in the company.

For the December 2006 quarter, the company had quite a tepid performance, with the top line growing by a measley 2.3 per cent to Rs 263.4 crore, while its profit after tax increased by 18.3 per cent.