Last week's close: Rs 159
Previous week's close: Rs 127.5
This scrip gained 24.71 per cent in the last week. This scrip has just got listed in early February and this rise is because of the interest that new information technology listings attract. The BSE authorities have already put a special margin of Rs 45 on the scrip from February 13, 1997.
Apple Industries split its information technology and the finance business. The finance arm is still under Apple Industries and will be renamed Apple Global Finance. The information technology business is hived off into Aptech Limited. Ten shares of Aptech were given for every 100 shares of Apple Industries.
In the computer education business, Aptech is a leader along with NIIT. The company has over 450 centres which account for 80 per cent of its income. Its other business areas are hardware education, software exports education, multimedia and internet education. The company has an equity capital of Rs 5.56 crore.
Padmini Polymers
Last week's close: Rs 61.25
Previous week's close: Rs 71.75
This scrip lost 11.5 per cent as a reaction to the news of a raid on the company. The enforcement directorate has raided the Delhi premises of the company. The company is allegedly involved in violating the value-based advance licensing scheme (VABAL). The total figure is in the range of Rs 200 crore. Exporters can import raw materials at zero duty under this scheme. The company is a star trading house and is suspected to have over-invoiced exports.
The company's main business is polyethylene terephthalate (PET) chips, which are used to make bottles. The company went for a public cum rights issue two years back. It has diversified into compact disks and mineral water.
The company's gross profit stood at Rs 36.05 crore and if the violations are proved, then the company could be in trouble.
Ashok Alco-Chem
Last week's close: Rs 31.00
Previous week's close: Rs 25.00
The stock moved up 20 per cent on the eve of announcement of an interim dividend for the year 1996-97. The company is paying an interim dividend at the rate of 35 per cent. The company manufactures molasses-based organic chemicals. Low molasses prices have seen the company doing very well in the last few years. Turnover has moved up from 17.55 crore in 1994 to Rs 30.08 crore in 1996. Net profits have risen from 1.45 crore to Rs 4.59 crore in the same period. However, the half-yearly results show a decline in sales and net profits over the previous corresponding period.
Western Paques
Last week's close: Rs 12
Previous week's close: Rs 13
The Western Paques (WPL) scrip lost about 10 per cent over the previous week's close. Sicom has served a winding up notice to WPL and Western India Industries, part of the Gadgil Western group. This is a last ditch effort on the part of the lending institution to recover its dues of Rs 2.19 crore, of which WPL's share is Rs 1.12 crore. The move comes in the wake of Sicom filing a summary suit against Nandan Gadgil, CMD of the company in October 1996 to invoke his personal guarantee pledged with Sicom. The short term loan of Rs 1 crore was sanctioned in April 1996 to the companies.
The group's ambitious plans have come a cropper as it finds itself caught in a severe liquidity crunch. The company was earlier said to be under a cloud as it had allegedly made false depreciation claims to the tune of Rs 50 crore to avail of tax exemptions. To tide over the liquidity crunch, the group had also reportedly formed certain strategic alliances for implementing its various projects.
India Cements
Last week's close: Rs 81
Previous week's close: Rs 67
The India Cements scrip rose by 20 per cent which the market attributes to the excellent rsponse to the VRS scheme of the company. About 1,031 employees have opted for the scheme which paid them a compensation in the range of Rs 1.5 to Rs 2.5 lakh.
The saving to the company which is about Rs 1 lakh per employee will result in an annual saving of about Rs 10 crore. The reduction in workforce comes at a time when the company is expanding capacity and also making profits.
